Under the effect of the crypto winter, the total value locked (TVL) in DeFi collapsed to $69 billion during mid-June. It then began a promising recovery marked by a rise of almost 25% since this low. However, TVL’s growth eventually tapered off as it headed towards the symbolic $100 billion mark. Details in the following.
The ecosystem of cross-chain bridges is collapsing
As of August 2, the total value locked in DeFi was $86.22 billion, according to statistics from defillama.com. Almost 10% of this total is to be credited to MakerDao, which dominates other DeFi protocols with $8.34 billion in blocked assets. Generally, the top ten DeFi protocols saw their total value locked increase during the month of July. On the blockchain side, Ethereum maintains its leadership with 65.20% of the TVL, or approximately $55.84 billion in locked assets.
However, the statistics of the bridge ecosystem cross chain have been catastrophic over the same period. Data from Dune Analytics indicates in particular that value stuck in bridges cross chain dropped by more than 60% in 30 days. The Nomad Bridge hack that resulted in the theft of $190 million in assets was a major contributor to this collapse. Nevertheless, the hackers responsible for the attack returned $9 million in assets, or 4.7% of the stolen jackpot.
DeFi therefore seems to be gradually recovering despite the devastating effects of the collapse of Terra and the insolvency of some crypto lending platforms. However, the efforts made by the main protocols of this ecosystem have not allowed the latter to regain its previous highs.. Indeed, the total value locked in DeFi is struggling to rise.
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