DeFi Protocol’s TVL Drops to $41.7 Billion
According to reports, DeFiLlama data showed that the TVL of DeFi protocol dropped to 41.7 billion US dollars, of which Lido ranked first with 8.41 billion US d…
According to reports, DeFiLlama data showed that the TVL of DeFi protocol dropped to 41.7 billion US dollars, of which Lido ranked first with 8.41 billion US dollars, MakerDAO ranked second with 7.03 billion US dollars, and AAVE ranked third with 4.37 billion US dollars. The TVL on the Ethereum chain fell to US $25.31 billion, and the index fell by 7% in the past 30 days (on February 11, the value was US $27.2 billion).
DEX trading volume in the past 30 days totaled $93 billion
Analysis based on this information:
The decentralized finance (DeFi) sector has been growing relentlessly for the past year, with its total value locked (TVL) hitting an all-time high of $45 billion last month. However, according to the latest reports, DeFiLlama data shows that the TVL of DeFi protocol has dropped to $41.7 billion, with the TVL on the Ethereum chain falling to $25.31 billion.
The drop in TVL represents a 7% decline over the past 30 days, with the index falling from $27.2 billion on February 11 to $25.31 billion. This decline can possibly be attributed to the recent market correction, which has hit the entire cryptocurrency space relentlessly.
Amidst this decline, Lido, a staking protocol that enables users to earn interest on their ETH holdings, has managed to retain its position as the leading DeFi protocol with a TVL of $8.41 billion. MakerDAO, a DAO-governed lending platform, ranked second with a TVL of $7.03 billion, while AAVE, a decentralized lending platform, ranked third with a TVL of $4.37 billion.
DeFiLlama tracks the TVL of multiple DeFi protocols across different blockchain platforms, with Ethereum being the most popular one. The fact that the TVL on the Ethereum chain is now at its lowest in three months suggests that the current market correction is having an impact on investor sentiment.
Overall, the latest figures indicate that the DeFi market is still vulnerable to market turbulence despite its recent growth. However, it’s worth noting that the DeFi space has gone through several market corrections in the past, and it has managed to bounce back each time.
In conclusion, the recent drop in DeFi protocol’s TVL highlights the need for caution among investors, but it doesn’t necessarily signify a long-term setback. Instead, it presents an excellent opportunity for investors to accumulate quality assets at discounted prices, which could eventually lead to significant gains in the future.
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