The total value of assets locked in decentralized finance protocols has dropped below $200 billion, continuing the poor performance which has seen the space lose over 20% of its value since the year began, according to data from DeFiLlama.
Major protocols shed TVLs
Between the end of April and the beginning of this month, DeFi’s TVL dropped by roughly 3%. All major DeFi protocols like Curve Finance, MakerDao, Lido, Convex Finance, and Aave lost an average of 11% of their TVL within the last 30 days.
While the reason for the steep decline in the TVL of these protocols is currently unknown, the broader crypto market itself has been going through a tumultuous period as the industry saw its market cap crash from a high of over $2 trillion at the beginning of April to around $1.75 trillion by the end of the month.
Another indicator of the broad decline is the drop in the trading volume of…