DeFi TVL Drops Amid Crypto Market Downturn

The decentralized finance (DeFi) sector has lost over $10 billion in total value locked today (TVL), mostly due to a broader crypto market downturn. 

According to DefiLlama data, the TVL in the DeFi sector is now below $99.5B, with $35.7B in weekly trading volume, representing a decline of -11.42%.

Top DeFi Protocols in the Red

Further data shows that some of the top protocols in the DeFi ecosystem have seen notable outflows in the last 30 days.

For instance, the liquid staking platform Lido has seen a 2.00% monthly decline, while AAVE and Maker have recorded a 2.16% and 9.78% loss in TVL, respectively.

The only exceptions in this list are ether.fi and Pendle, which have recorded gains of 20% and 10%, respectively.

This decline follows a broader downturn in the crypto market, with many other sectors in the red.

Data from SoSo value shows all major sectors within crypto are in the red, with the AI coins being some of the hardest-hit of all, without including memecoins.

One of the few survivors in this red sea is the SocialFi sector, up 4.00% on the weekly chart. However, most of the gains were brought by Toncoin, the native coin of The Open Network (TON), which has soared over 20% in the last 30 days.