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DeFi Tokens Strives to Recover from Crypto Market Crash

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The cryptocurrency market has experienced a massive crash recently and DeFi has also encountered a massive crash. The total market capitalization of the DeFi tokens has declined by 36% in the last 7 days and is currently reaching about $77.7 billion. If we turn our focus towards the two largest DeFi tokens, we see that UNI and LINK both encountered a decline of 33.4% and 36.7%, respectively.

Furthermore, other bigger DeFi token has seen the major losses such as LUNA bear the loss of -56%. CRV and SRM have experienced losses of -54% and -54%, respectively. All of the crypto assets have experienced thee huge losses. So, it makes sense that the TVL (Total Value Locked) in DeFi also plunged.

As per DeFi Pulse, TVL on Ethereum-based DeFi apps declined from $78.6 billion on May 19 to $55.5 billion today. If we look at the price, market cap, and percentage change of major DeFi token we saw that during the last session Uniswap (UNI) price reached $23.57 at the market cap of $13.33 billion. It has recorded the percentage change in 24 hours of 11.98%.

Similarly, during the last session ChainLink (LINK) price touched $25.44 at the market cap of $10.89 billion. It has recorded the percentage change in 24 hours of 6.13%. On the other hand, Wrapped Bitcoin (WBTC) has seen a decline of -0.03% during the last 24 hours. It has recorded a market capitalization of $6.81 billion at the time of writing.

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