DeFi Struggles in the First Half of 2023

    As of July 17, 2023, DeFi has been consolidating with a TVL of $44.19B. In 2023, except for a brief period in April, the TVL has stayed below $50B.

    The decentralized finance (defi) landscape has shown lackluster performance throughout the first half of 2023, with the value locked in the sector remaining relatively stagnant. According to metrics, as of Monday, July 17, 2023, the total value locked (TVL) stands at $44.19 billion.

    Total value locked (TVL) in defi on July 17, 2023 (Source:

    Within this total, Lido Finance holds a significant portion, securing $14.78 billion, which accounts for 33.45% of the aggregate TVL. Other prominent players in the defi realm include Aave ($5.88B), Makerdao ($5.47B), Uniswap ($3.78B), and Justlend ($3.69B).

    Throughout the year, with the exception of a notable period from April 12th to the 19th, the TVL in the defi sector has consistently remained below the $50 billion range. In mid-June, the TVL hit its lowest point in 2023 at $40.9 billion, but it has managed to stay above the $40 billion threshold.

    Following the recent Ripple ruling, which resulted in substantial gains in the cryptocurrency markets and smart contract tokens, the TVL in the defi sector approached the $46 billion threshold. However, the top smart contract token economy has since given up most of those gains, experiencing a 2.4% decline to reach approximately $351 billion in the past 24 hours.

    Total value locked (TVL) by blockchain in defi on July 17, 2023

    Despite this overall retracement, Solana (SOL) has managed to sustain a 21.5% increase against the U.S. dollar over the past seven days. Cardano (ADA) has also made notable progress, rising by 6.4% throughout the week.

    Furthermore, Polygon (MATIC) has defied the broader crypto market downturn, surging by 3.7% in the same period. Amidst market fluctuations, Ethereum (ETH) experienced a minor setback of 0.5%, while Binance Coin (BNB) witnessed a decline of 1.4% during the week.

    Notably, out of the total value locked (TVL) recorded during this period, Ethereum-based defi protocols accounted for a substantial 58.47%, surpassing the $25 billion mark. Trailing behind Ethereum, Tron holds the second-largest blockchain in terms of TVLs, commanding 12.83% or $5.65 billion.

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