DeFi Platforms See Weekly TVL Decline – One Stands Out

DeFi platforms see weekly TVL decline, with just one top ten protocol showing an increase.

The drop in TVL coincided with a drop in the pricing of popular smart contract tokens such as Ethereum (ETH), Solana (SOL), and BNB.

DeFi Platforms See Weekly TVL Decline – Top Weekly Performer

According to statistics from the DeFi tracking site DeFi Llama, JustLend (JST) was the only protocol that had an increase in its TVL over the last 7 days among the top 10 listed projects (at the time of writing, 10:00 UTC on Monday). According to DeFi Llama, the Tron (TRX)-powered protocol’s TVL increased by 7.7% to USD 3.69 billion, accounting for nearly half of the TVL of the top-ranked protocol MakerDAO (MKR).

The expansion of the JustLend comes as the JUST Foundation revealed today that the combined JUST DeFi ecosystem for Tron has reached a TVL of USD 10 billion. The JUST Foundation is in charge of the development of numerous Tron DeFi initiatives, such as JustLend, the stablecoin DeFi system JustStable, and the Just Cryptos inter-chain bridge system.

Furthermore, the rise this week comes after the relatively young protocol passed a security assessment and declared its code fully open source last month, which was regarded as a “historic breakthrough” for the Justin Sun-linked DeFi ecosystem.

Weakest Weekly Performer

While Justin Sun’s new DeFi ecosystem witnessed the most growth, the ETH liquid staking protocol Lido (LDO) was the worst performance among the top 10, with a -16% decrease in TVL over time. The significant dip occurred at a time when the mood among ETH investors was high, as developers last week confirmed a September 15 launch date for the long-awaited Merge.

Lido has been frequently used to stake tokens on Ethereum’s new proof-of-stake (PoS) chain before it merges with the previous PoW network. Deposits placed on Lido can be withdrawn only when the Merge is complete.

Lido has indicated that it would continue to provide staking services following the Merge. According to a recent Lido blog post, their staking service is aimed at customers who are “ready to face the financial risk of staking but not the technical or operational risk and accompanying expenditures.”

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