53 mins ago | 2 mins read
- In January of this year, DefiLlama reported that DeFi TVL had reached $250 billion.
- Despite the decrease in TVL, August saw a 3.7% increase in activity based on DeFi.
Current findings from DappRadar indicate a 10.47% decrease in the total value locked (TVL) throughout the DeFi ecosystem in August. At this time, the total TVL was $58.4 billion.
In January of this year, DefiLlama reported that DeFi TVL had reached $250 billion, down from its previous high of $300 billion only eight months before. The current total TVL of $58.4 billion is the same as it was in April 2021, when the DeFi ecosystem first started to gain traction. In addition, overall DeFi TVL is 55% lower than it was in 2021.
The market lost almost $8.7 billion in August due to the decline in the DeFi TVL. DappRadar attributes this drop to the 8 August notice by the Office of Foreign Assets Control (OFAC) banning U.S. citizens from using Tornado Cash.
Despite the decrease in TVL, August saw a 3.7% increase in activity based on DeFi. Ethereum (ETH) projects have a total TVL of $34.69 billion, giving the network a 68% market share. But DappRadar reports that the network’s share of the market dropped by 11% in August and dropped by 56.63% over the course of a year.
All of the leading DeFi protocols on Ethereum, MakerDAO, Lido Finance, and Uniswap saw losses during the last month. The TVL of MakerDAO was $8.37 billion at the time of publication, down 6% from the previous month and over 25% from August 2021.
Despite being at the forefront of the movement for Ethereum’s liquid staking and the impending Merge, TVL on Lido Finance fell by 7% last month. At the time of this writing, Uniswap also had a TVL of $5.58 billion. During the month of August, it dropped by 12%.
Recommended For You:
DeFi Protocol Curve Finance to Launch ‘crvUSD’ Stablecoin