A new report by DappRadar found that the Total Total Value Locked (TVL) The decentralized finance ecosystem (DeFi) declined 10.47% in August. Total TVL now stands at $58.4 billion.
according to the data of daphylama, DeFi TVL was $250 billion lower than it was eight months ago. With only $58.4 billion, total TVL reached its April 2021 level today when the DeFi ecosystem began to gain momentum. In addition, total DeFi TVL is down by 55% compared to 2021.
In August, the market lost around $8.7 billion due to the decline in DeFi TVL. According to DappRadar, this fall August 8 Announcement Preventing US residents from access by the Office of Foreign Asset Control (OFAC) Whirlwind Cash.
However, despite this decline in TVL, DeFi-based activity grew 3.7% in August.
Ethereum suffered the most
With a total TVL of $34.69 billion by projects placed within Ethereum [ETH], the network controls 68% of the total market share. However, according to DappRadar, the network’s market share declined by 11% in August and has declined by 56.63% in the past year.
Top DeFi protocols on Ethereum, MakerDAO, Lido Finance and Uniswap also posted declines in the past month. At press time, MAakerDAO’s TVL stood at $8.37 billion, down 6% in August and more than 25% since August 2021.
Interestingly, TVL on Lido Finance dropped 7% in August, despite the upcoming merger and the campaign leading to liquid staking of Ethereum. Also, Uniswap’s TVL stood at $5.58 billion at the time of writing. It had fallen by 12 per cent in August.
DappRadar further found that the TVL of protocols built on the BNB chain declined by 6.44% in August and has declined by 75.67% since August 2021. to solana [SOL]The assault The chain suffered losses at the start of the month, causing its TVL to drop 27% in the first four days.
DappRadar found that it “declined 6% for the rest of the month and is now valued at $2.11 billion, a loss of nearly $1 billion.”
In addition, the Tron network saw its TVL drop by 2.90% in August, albeit with an increase of about 68% over the past year. Furthermore, while its TVL declined by 17.20% in August, the avalanche’s TVL has increased by about 11% since August 2021.