BNB Chain’s TVL loses 46% YTD, plummets along with BNB’s price
BNB Chain’s Total Value Locked (TVL) continued to plummet in the third week of May as the market crash caused interest in decentralized finance to drop.
BNB Chain has been one of the biggest losers in the past 12 months and has lost 46% of TVL since the beginning of 2022. On January 1, the metric was at around $15.83 billion, but dropped to around $8.63 billion on May 18, according to Defi Llama.
BNB Chain is a blockchain network that facilitates the building and running of smart contract-based applications. As one of the networks that have found a solution to the agnostic triad (decentralization, security, and scalability), it has a growing ecosystem that includes a number of decentralized applications (dApps) most innovative and NFT.
TVL BSC recorded a 2022 low this week as the TVL of protocols in the ecosystem also declined.
For example, decentralized exchange (DEX) PancakeSwap is down more than 19% over the past month, while money market protocol Venus‘ TVL is also down more than 48% over the same period.
Meanwhile, decentralized lending protocol Alpaca Finance and DEX Biswap lost more than 31% and 41% of the total locked value, respectively.
Other decentralized applications that have contributed to the decline of TVL include Tranchess, CREAM Finance, Coinwind, Stargate, Ellipsis Finance, MDEX, and KnightSwap.
Despite a drop of over $7 billion, BNB Chain has regained its position as the second-largest TVL blockchain after Terra lost over 90% of its TVL. BNB Chain still has a relatively higher TVL than Avalanche, Solana, Tron, Polygon, Fantom, Cronos, Waves, Near, Terra, Osmosis, Kava, and DefiChain.
Besides the decline of TVL, the price of BNB is also struggling. BNB opened the year with a trading price of $511.91, hitting a yearly high of $533.37 on Jan 2 and trading at $297.5 at press time. Overall, the BNB price has dropped 42.3% since the start of the year, data from CoinCu showed.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
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Blockchain, Knowledge
BNB Chain’s TVL loses 46% YTD, plummets along with BNB’s price
BNB Chain’s Total Value Locked (TVL) continued to plummet in the third week of May as the market crash caused interest in decentralized finance to drop.
BNB Chain has been one of the biggest losers in the past 12 months and has lost 46% of TVL since the beginning of 2022. On January 1, the metric was at around $15.83 billion, but dropped to around $8.63 billion on May 18, according to Defi Llama.
BNB Chain is a blockchain network that facilitates the building and running of smart contract-based applications. As one of the networks that have found a solution to the agnostic triad (decentralization, security, and scalability), it has a growing ecosystem that includes a number of decentralized applications (dApps) most innovative and NFT.
TVL BSC recorded a 2022 low this week as the TVL of protocols in the ecosystem also declined.
For example, decentralized exchange (DEX) PancakeSwap is down more than 19% over the past month, while money market protocol Venus‘ TVL is also down more than 48% over the same period.
Meanwhile, decentralized lending protocol Alpaca Finance and DEX Biswap lost more than 31% and 41% of the total locked value, respectively.
Other decentralized applications that have contributed to the decline of TVL include Tranchess, CREAM Finance, Coinwind, Stargate, Ellipsis Finance, MDEX, and KnightSwap.
Despite a drop of over $7 billion, BNB Chain has regained its position as the second-largest TVL blockchain after Terra lost over 90% of its TVL. BNB Chain still has a relatively higher TVL than Avalanche, Solana, Tron, Polygon, Fantom, Cronos, Waves, Near, Terra, Osmosis, Kava, and DefiChain.
Besides the decline of TVL, the price of BNB is also struggling. BNB opened the year with a trading price of $511.91, hitting a yearly high of $533.37 on Jan 2 and trading at $297.5 at press time. Overall, the BNB price has dropped 42.3% since the start of the year, data from CoinCu showed.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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