DeFi TVL Plunges $10B: Avalanche & Solana Lead Losses

As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and volatility. However, the recent decline in DeFi TVL, particularly on Avalanche and Solana, came as a significant shock to me.

Based on DefiLlama’s latest statistics, the decentralized finance (DeFi) market saw a significant drop of approximately $10 billion in total value locked.

Among all the blockchains, Avalanche and Solana experienced the most substantial decreases. This development came as a surprise, particularly for Avalanche, which witnessed a massive withdrawal of funds equivalent to 31.5%. In contrast, Solana was able to limit its losses to approximately 30%.

Despite robust competition from other platforms, Solana has successfully amassed approximately $6 billion in its DeFi operations. Notably, Ethereum continues to dominate the Decentralized Finance (DeFi) sector with around 67% of its Total Value Locked (TVL) as of April, which saw a decrease of 14.2%. Meanwhile, Bitcoin maintained its momentum.

Moreover, Coinbase’s Layer-2 blockchain project, named Base, attracted fresh investment and amassed a total of over $1 billion in secured funds.

In April, the Decentralized Finance (DeFi) market experienced a period of consolidation during which certain blockchains saw significant withdrawals.

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2024-05-02 03:48