VeChain TVL Down 97% From Peak
During the second bull peak of 2021, cryptos like Bitcoin and DeFi protocols like Uniswap rallied, reaching $69,000. Vechain’s TVL reached $35 million in December 2021, but fell sharply during the bear market. By June 2022, it was 89% lower, around $4 million. The value of all assets locked on VeChain was only $1.13 million, down 97%.
VeChain currently has two DEX protocols: Vexchange and VeRocket. Vexchange contributes 2/3rd of TVL share, while VeRocket holds the remaining 1/3rd. Funds locked on both protocols have increased by 11% and 32%, respectively, but have not significantly impacted the macro-TVL catastrophe.
VET faced challenges in the TVL landscape, with market participants being less active on the monthly and weekly levels. However, on the market cap front, VET’s dominance has been bearish on the half-yearly window, but there has been improvement since last month. On a short-term 4-hour chart, VET has initiated an uptrend, up 34% from its mid-June low of $0.0143. The asset is currently trading at $0.019, holding onto the uptrend support line.
(With inputs from Shikha Singh)
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