DeFi Market Continues To See Red, Cardano’s Top Dapp Ranks 160th

The DeFi market continues to bleed as the total value locked (TVL) of the sector is down by 5.63% in the last 24 hours.

The sector has been rocky even after a high in early April when it hit $289.22 billion in TVL. Today, the DeFi market has a TVL of $133.34 billion, already considering staked governance tokens and LP tokens, borrowed coins in lending protocols, and double counts.

DeFi TVL aggregator DeFi Llama places $AAVE ($AAVE), MakaderDAO (MKR), Curve ($CRV), SushiSwap ($SUSHI), and Lido (LDO) in its top five in TVL rankings successively.

$AAVE has recorded a negative 0.37% one-day change, logging $12.18 billion in TVL. Based on the numbers by DeFi Llama, the leading dapp has a 9.13% dominance. At the time of writing, $AAVE has dropped by 35.05% over the past month.

Lagging behind $AAVE by almost $3 billion in TVL is MKR, having a negative 2.28% change over the last day. Its one-month dip almost mimics that of $AAVE, down by 32.19%. Meanwhile, $CRV and $SUSHI had fallen by 2.22% and 1.29%, respectively, in the past 24 hours.

Far away from the top five is Cardano’s top dapp in terms of TVL – Minswap (MIN). MIN has seen a downtrend these past weeks, dropping by 4.79% in 24 hours and 40.22% in the last month. As of writing, Minswap has a $54.78 million TVL.

Cardano TVL, notably, has gone down by 62% from its all-time high. The TVL decline in the past week can be attributed to investors losing interest in dapps and the current crypto market situation. Despite Cardano’s numbers, it still ranks over Gnosis, Fision, Eos, Terra, Astar, and Algorand in value locked.