The American Securities and Exchange Commission SEC has put a lot of pressure on crypto since the beginning of the year. The government agency’s successive investigations into various exchanges are causing investors to move to decentralized finance DeFi platforms.
Earlier in the week, the SEC filed new charges against Binance and Coinbase exchanges. The US government agency has decided to sue crypto exchanges for failing to comply with securities law. The action center that the SEC bought at the beginning of the week negatively affected the stock markets. However, emerging on-chain data shows that the DeFi industry remains intact.
Market tracker DeFiLlama has publicly shared the latest on-chain data as of today. Decentralized finance remained largely immune from SEC influence, according to the data. While TVL metrics have decreased slightly, the horizontal trend continues on a monthly basis.
The TVL metric on ADA, SOL and BNB networks has lost 5% since the start of the week. However, based on the monthly data, it turns out that the total value locked down has decreased by only 1%. The 3 largest slices of the DeFi pie belong to Ethereum, Tron and Binance Chain, respectively.
DeFi Tokens Suspend Drop
Although the investigations by the SEC had a limited impact on the TVL metric, DeFi-linked tokens suffered massive losses. Since the beginning of the week, the average 14% decline in BNB, ADA and SOL tokens attracts the attention of investors.
Binance’s native token, BNB, fell to its lowest level in the last 6 months. Binance Coin and other tokens are moderately volatile today.
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