Total Value Locked in Defi Takes a Hit Losing $21 Billion in 6 Days

Over the last six days, the total value locked (TVL) in decentralized finance (defi) has dropped 9.21% from a high of $232.88 billion on April 5, to today’s $211.43 billion. The value locked in defi protocols shed 4.40% of that value during the last 24 hours.

Value Locked in Defi Shudders This Week

While the crypto economy has shed billions, the defi landscape has also felt the brunt of the storm. Last week, the TVL in defi neared a record high but most of that value has been erased since April 5. At the time of writing on Monday, April 11, 2022, the TVL in defi is coasting along at $211.43 billion which is 9.21% less than it was six days ago. Presently, the top defi protocol in terms of TVL is Curve Finance with a 9.52% dominance rating. Curve has a TVL of around $20.12 billion which is down 5.30% over the last week.

The second-largest defi protocol, in terms of value locked, is Lido with $17.43 billion. Lido, however, has lost 13.95% during the last seven days. The third-largest defi protocol, Anchor, has $14.75 billion total value locked but has lost 6.79% this past week. Two defi protocols that have increased during the last week include Cbridge, up 35.34% and Platypus Finance up 22.44%. Out of the $211 billion locked on Monday, Ethereum commands 55.59% of the aggregate with $117.52 billion.

Terra’s (LUNA) defi TVL is the second largest with $26.68 billion or 12.62% of the $211.43 billion. The third-largest defi TVL by blockchain is Binance Smart Chain (BSC) as the network currently commands $13.16 billion or 6.23% of the TVL in defi today. Ethereum’s, Terra’s, and BSC’s TVLs are followed by the TVLs held on Avalanche and Solana, respectively. The top 12 blockchains in terms of TVL are all down in value during the last week, except for the Near blockchain network which is up 22.57% over the last seven days.

Overall, the top smart contract platform coins by market capitalization are all down in value during the last week. 24-hour stats show the $667 billion worth of the top smart contract platform coins is down 8.5%. As far as cross-chain bridges to Ethereum are concerned, there’s $19.9 billion TVL across cross-chain bridges among 40,184 unique addresses. The figure is down 8.8% during the last 30 days.

What do you think about the week’s defi action and the TVL losing $21 billion in six days? Let us know what you think about this subject in the comments section below.

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