After remaining above $40 billion for much of 2023, the total value locked in decentralized finance, or defi, fell below the threshold on August 17, reaching $37.9 billion by August 22. Additionally, from August 13, the top 100 DeFi tokens have decreased by $1.74 billion in value over nine days.
Defi’s Rocky August: Value Retreats as Major Tokens and Platforms Face Declines
Five days back, when bitcoin (BTC) tumbled below the $26,000 mark, numerous alternative cryptocurrencies witnessed substantial declines. This shook the defi sector, causing the total value locked (TVL) to retreat under the $40 billion range, touching $37.965 billion. Since Aug. 17, it has remained under this benchmark and shed 0.92% in the past day.
Come Tuesday, Lido Finance remains the predominant defi protocol, boasting a TVL of approximately $13.916 billion. This represents 36.65% of the sum spanning 2,845 defi protocols. Yet, Lido’s TVL experienced a 7.78% contraction this week, mirroring a trend seen acros
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