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The total value locked (TVL) in decentralized finance (defi) has fallen below $40 billion for the first time since the first week of February 2021. As of December 17, 2022, TVL in defi is approximately $39.53 billion after falling more than 4% in value during the last 24 hours.
The value locked in defi protocols has fallen below the $40 billion region for the first time in 675 days, or since the first week of February 2021. At that time, it was the first time TVL in defi reached the $40 billion mark after climbing from the zone of 1 billion dollars the previous year in February 2020.
With the total locked in defi today at $39.53 billion, the stats show that Makerdao commands the biggest TVL this weekend, dominating with 14.91%. Makerdao’s TVL is around $5.89B and in the last week has decreased 6.88% in value. In terms of value-locked data, Makerdao’s TVL is followed by Lido, Curve, Aave and Uniswap respectively.
Most of the value locked today is held on Ethereum as there is $23.06 billion in value locked in ETH-based defi apps, representing 58.33% of the total amount locked. Ethereum’s TVL is followed by Tron, Binance Smart Chain, Arbitrum, Polygon, Avalanche, Optimism, Fantome, Cronos and Solana.
The entire batch of smart contract protocols today has lost 7.5% in value against the US dollar, equivalent to a total of $240 billion. BNB had the biggest weekly decline among the top ten smart contract protocols, as it has lost 17.6% over the past seven days. Ethereum Classic (ETC) suffered a 16.3% loss over the past week and Tron suffered the least with a 2.2% loss over the past seven days.
What do you think about the state of decentralized financial protocols today and that TVL is dropping recently to lowest levels not seen since February 2021? Let us know what you think about this topic in the comments section below.
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