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Smart Contract Tokens, Defi Economy See Strong Growth, Market Capitalization Swells By $78 Million In 30 Days

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Smart Contract Tokens, Defi Economy See Strong Growth, Market Capitalization Swells By $78 Million In 30 Days

Smart contract tokens and the decentralized finance economy have been on a tear during the last month, gaining against the U.S. dollar. The market capitalization of the smart contract platform token economy has swelled by $78 million over the last 30 days, increasing from $243 billion to the current $321 billion. Furthermore, the total value locked in decentralized finance (defi) has risen by $5.39 billion in the same time frame.

Smart Contract Tokens Experience Double-Digit Gains, Led by Oneledger, Harmony, and Waves

It’s been a rough crypto winter, to say the least, and after numerous insolvencies and bankruptcies within the industry, crypto assets have been hit hard. The latest, and one of the most tragic blowouts this year, took place 67 days ago when FTX was found to be insolvent and the company filed for bankruptcy protection on Nov. 11, 2022. The crypto economy took a beating during the last two weeks of November and into December, and the lackluster end-of-the-year holiday market action made things worse.

Smart contract platform token economy data on Jan. 17, 2023, according to coingecko.com statistics.

Approximately 30 days ago, on Dec. 18, 2022, the smart contract token economy was worth $243 billion, and a great deal of coins lost considerable value. Ethereum (ETH), for instance, was down 6.1% that week, and cardano (ADA) was down 14.4%.

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All ten of the leading smart contract coins that week were down by double digits against the U.S. dollar. But over the last month, the smart contract platform token economy grew by $75 billion, and as of Jan. 17, 2023, the entire lot is worth $321 billion.

Decentralized Finance Total Value Locked Increases by $5.39 Billion in One Month

Smart contract tokens that have made major moves this past week include oneledger (OLT), harmony (ONE), waves (WAVES), solana (SOL), fantom (FTM), and avalanche (AVAX). The aforementioned smart contract tokens increased by 37.2% to 53.7% in value against the U.S. dollar in seven days. Other notable smart contract coin gainers this week include holo (HOT), ronin (RON), parsiq (PRQ), and immutable x (IMX). The rise in smart contract tokens over the last month has fueled decentralized finance stats as well.

The total value locked (TVL) in decentralized finance (defi) on Jan. 17, 2023, according to defillama.com statistics.

Currently, defi statistics show that from Dec. 18, 2022, to Jan. 17, 2023, or 30 days, the total value locked (TVL) in defi increased by $5.39 billion. At the time, 30 days ago, the TVL in defi was around $39.9 billion, and it has since grown to $45.29 billion. The largest and most dominant defi protocol on Jan. 17 is the liquid staking solution Lido.

The defi protocol Lido has an overall TVL size of around $7.81 billion or 17.2% of the $45.29 billion TVL. Most of Lido’s increase is due to ether’s 20.6% rise against the U.S. dollar. The same can be said about the entire defi TVL as the growth is highly correlated with the double-digit gains smart contract tokens have accrued over the last month.

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Avalanche, bankruptcies, Cardano, crypto assets, Crypto Winter, decentralized finance, Decentralized Finance Data, defi stats, Ethereum, Fantom, growth, Harmony, holo, Immutable X, Insolvencies, January Market Action, Market Capitalization, oneledger, PARSIQ, ronin, smart contract coins, Smart Contract Tokens, Solana, Stats Defi, U.S. dollar, WAVES

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What do you think is driving the recent growth in the smart contract token and defi economy? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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altcoin

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

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Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

  • GMX moves to Arbitrum, threatening Avalanche.
  • Decreasing sentiment, declining TVL & NFT trades for Avalanche.

According to the latest data from Artemis, the majority of GMX‘s activity has shifted from Avalanche [AVAX] to Arbitrum. This shift has raised concerns about the potential impact on Avalanche, as GMX is currently the largest perp by market cap and outperforms many of its competitors in terms of Total Value Locked (TVL).


Is your portfolio green? Check out the Avalanche Profit Calculator


Avalanche gets impacted

On one hand, the negative sentiment surrounding Avalanche, as indicated by Santiment’s data, suggested that the overall outlook of the AVAX token in the crypto community was negative. This caused a decline in the network’s growing TVL, which stood at $970.16 million at press time.

Source: Santiment

Additionally, the overall volume of the AVAX token declined. According to Santiment’s data, the overall volume for AVAX fell from 1.2 billion to 3.14 million. The number of NFT trades on the network also fell, suggesting an overall lack of interest.

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However, there were some positive developments as well, one of them being the decreasing volatility of the AVAX token. A decline in volatility could attract some investors who are seeking stability for their portfolios.

Source: Santiment


How much are 1,10,100 AVAX worth today?


It’s also worth noting that despite the negative conditions for Avalanche, the number of stakers on the network grew by 21.5% in the last month, according to Staking Rewards. The number of stakers on the network was 65,988 at the time of writing. This suggested that there is still interest in the network, though its future remained uncertain.

Source: Staking Rewards

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It’s important to note that GMX’s move from Avalanche to Arbitrum could be due to various reasons, including the increasing popularity of the Arbitrum network and its ability to handle larger volumes of transactions efficiently. This shift could pose a threat to Avalanche, but it’s also possible that the network could recover and continue to grow.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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altcoin

Avalanche’s NFT sector registers growth, but can it help AVAX go up?

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Avalanche’s NFT sector registers growth, but can it help AVAX go up?

  • AVAX’s metrics looked bearish detailing why AVAX was on a downtrend. 
  • However, growth was noted in AVAX’s NFT ecosystem as sales increased.

Avalanche’s [AVAX] performance on the price front was concerning for the investors, as it declined by more than 5% in the last 24 hours.

According to CoinMarketCap’s data, AVAX’s price registered a decline of 3% last week, and at the time of writing, it was trading at $19.86 with a market capitalization of over $6.2 billion.

This downtrend can be attributed to the current market conditions, which have restricted most of the cryptos from registering gains. However, a look at Avalanche’s on-chain metrics revealed that there was more to the story. 


How much are 1,10,100 AVAX worth today?


These are the concerns

Santiment’s chart pointed out that AVAX’s volume decreased substantially, which by and large was a negative signal. The demand from the derivatives market also took a blow as the DyDx funding rate went down.

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The crypto community’s confidence in the coin also seemed to have plummeted as its positive sentiment metric decreased.

The recent price decline was accompanied by an increase in AVAX’s 1-week price volatility, suggesting a further downtrend considering the rest of the metrics.

Moreover, DeFiLama’s data revealed that Avalanche’s Total Value Locked (TVL) registered a 24-hour decline of more than 2%.

Source: Santiment


Realistic or not, here’s AVAX’s market cap in BTC’s terms

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Is a trend reversal viable?

Interestingly, even though the week was not good for investors, AVAX’s NFT space had things going for itself. AVAX Daily released Avalanche NFT weekly highlights, which pointed out the ecosystem’s growth.

As per the latest data, the NFT sales and sales volume increased by double digits in the last seven days. 

🔺Avax NFT Weekly Highlights🔺

MarketCap: $45.32M
Volume: $299.02K
Sales: 8912#AVAX #Avalanche $AVAX #NFT #GameFi pic.twitter.com/9Rz2HyWkD2

— AVAX Daily 🔺 (@AVAXDaily) February 4, 2023

While SWARMS remained the most impressive NFT with 19 sales at an average price of $45.24 last week, the remaining NFTs had a volume smaller than 10 NFTs.

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For several weeks in a row, Chilkn Roost and OG Odin held the top volume positions. Last week, Chad Doge Supers joined Chilkn Roost and OG ODIN on the list, indicating that the project was gaining traction with buyers. 

Nonetheless, growth in the NFT space did not seem to be enough for AVAX to initiate a trend reversal, as the daily chart also painted a bearish picture.

AVAX’s Relative Strength Index (RSI) registered a downtick and was heading toward the neutral mark, which was bearish. The Money Flow Index (MFI) also chose to follow a similar route.

Moreover, AVAX’s Chaikin Money Flow (CMF) was resting below the neutral mark, further increasing the chances of a continued downtrend. However, the Exponential Moving Average (EMA) Ribbon remained bullish as the 20-day EMA was above the 55-day EMA.

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Analysis

Biggest Movers: SHIB Remains Near Recent Highs As Crypto Markets Fall On Monday

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Biggest Movers: SHIB Remains Near Recent Highs As Crypto Markets Fall On Monday

Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.

Shiba Inu (SHIB)

Monday saw shiba inu (SHIB) continue to trade relatively close to recent highs, despite crypto markets mostly declining.

SHIB/USD hit a high of $0.0000148 earlier today, which comes following a bottom at the $0.0000141 mark on Sunday.

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The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.

SHIB/USD – Daily Chart

Looking at the chart, the declines commenced as the relative strength index (RSI) failed to break out of a ceiling at the 80.00 level.

As of writing, the index is now tracking at 77.02, which comes as bulls rejected a breakout of a floor at 75.00.

SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.

Avalanche (AVAX)

Avalanche (AVAX), on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.

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Following a high of $20.43 on Sunday, AVAX/USD dropped to an intraday low of $19.74 earlier in the day.

The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.

AVAX/USD – Daily Chart

This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.

A big part of this is due to the 14-day RSI, which is tracking at 59.86, its weakest point since January 10.

Should momentum now continue in a downward direction, price strength could land at a floor of 55.00, with AVAX likely under $19.00.

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Do you expect avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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