Is This The End Of DeFi? TVL Drops 57%, And Crypto Hacks Hit $16.5 Billion
The decentralized finance (DeFi) industry is facing major challenges this year, with its total value locked (TVL) in a freefall and hacks in an uptrend. Most DeFi tokens have also plunged.
Most DeFi Protocols Have Shed Billions in Assets
Data shows that the TVL locked in the DeFi industry dropped to $69 billion from last year’s high of $150 billion, a 55% retreat. This retreat has affected most platforms in the industry.
Aave (CRYPTO: AAVE), the biggest lending protocol in the industry, has seen its assets drop to $11 billion from a high of $43 billion in September last year. Compound Finance’s TVL has dropped to $1 billion from a peak of $12 billion in 2021. The same has happened across other DeFi protocols like Uniswap (CRYPTO: UNI), Morpho, and JustLend.
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