DeFi Bleeds as Collective Sector TVL Drops 17% in One Month

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It has been a horrendous year for crypto so far, as decentralized finance (DeFi) protocols shaved 17.77% off its total value locked (TVL) over the past 30 days.

The largest DeFi protocol by TVL size, Curve Finance, shed 16.55% over the past thirty days, while Lido dropped by 13.28%. Other top DeFi protocols, including Anchor, MakerDAO, and Aave, have all seen massive double-digit TVL losses, with -10.15%, -20.48%, and -21.12%, respectively.

In the last 24 hours alone, DeFi TVL has dropped by 6.25%, as Curve Finance remains the largest protocol. As of yesterday, this protocol had a TVL of $17.24 billion and accounted for 9.46% of the total market.

However, it has not been all gloomy as two DeFi protocols, including Aave’s version three (v3) and Tron’s Sunswap protocol, recorded notable gains over the past month.

Largest DeFi Blockchain by TVL Maintains Dominance

Meanwhile, Ethereum remains king in the DeFi TVL space, accounting for $101.32 billion of the total $182.27 billion held on the ETH chain, a whopping 55.59%. Terra holds the number two spot in terms of the blockchain with the highest TVL, with $23.44 billion or 12.86% of the total TVL. In third place is Binance Smart Chain (BSC) holding a valuation of $11.6 billion or 6.37% of the total market value.

In the smart contracts space, the total valuation of the sectors stands at $546 billion. However, the largest smart contract tokens have dropped by 6.1% collectively over the last 24 hours alone. Interestingly, Tron (TRX) jumped by 5.3% over the past 24 hours, despite the marketwide declines.