Data shows the bear market has also hit Ethereum decentralized finance (DeFi) hard, as the total value locked in the sector has declined by 76%.
Total Value Locked In Ethereum DeFi Now Only Around $23.1 Billion
Decentralized Finance (or DeFi as it’s most commonly known) includes all types of financial services that are done on the blockchain. Like other entities on the blockchain, DeFi is public and doesn’t involve any centralized party to get things done (as transactions are peer-to-peer).
The “total value locked” (TVL) is a metric that measures the total amount of capital that has currently been deposited by users in DeFi protocols. The below chart shows how the TVL of DeFi built on the Ethereum blockchain has changed over the course of the year 2022:
As the above graph displays, the Ethereum DeFi TVL was more than $95 billion at the start of this year. However, capital has exited the sector as the bear market has grown deeper, much like in the rest of the crypto market. Now
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