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With the recent strong downward momentum in the cryptocurrency market, the decentralized finance (DeFi) ecosystem has also suffered significant losses. The total TVL amount of the DeFi ecosystem has experienced a major decline during this period, dropping to $37.29 billion.
DeFi Ecosystem Continues to Lose Ground
The cryptocurrency market has experienced a strong downward trend in recent weeks. Bitcoin (BTC), the leading cryptocurrency that surpassed $30,000 levels in mid-July, has accelerated its decline in value in recent weeks and dropped to $25,500 levels last week.
Due to this downward trend in the cryptocurrency market and the impact of value losses in Bitcoin, most altcoins in the cryptocurrency market have recorded significant losses during this period. The DeFi ecosystem has also suffered significant losses as a result of the market decline.
The native cryptocurrencies of DeFi protocols have witnessed large-scale percentage losses during this period. Significant decreases have also been observed in the total locked value in DeFi protocols.
Total TVL Amount Drops to $37.29 Billion
The decline in the cryptocurrency market has also led to a significant decrease in the total TVL amount of the DeFi ecosystem in recent times. The total TVL amount of the DeFi ecosystem, which approached $180 billion levels at the end of 2021, has dropped to $37.29 billion according to DeFiLlama data after the recent declines.
The Terra crisis that occurred in May 2022 has played a key role in the recent decline in TVL amount. Meanwhile, despite the recent declines, Ethereum, representing an average of 57% of the total TVL, has continued to maintain its leadership in market share. Important changes continue to occur in the ranking based on TVL amount in recent months, with Ethereum ranking first, followed by TRON and Binance Smart Chain (BSC) in second and third place, respectively.
