TVL Across DeFi Protocols Down More Than $3 bn
According to DeFiLlama data, the total value of locked assets (TVL) in the DeFi sector has decreased by 8% over the last three days, falling to $40.31 billion.
DeFi projects TVL was valued at $43.81 billion as of July 30 but experienced a significant drop after rogue players targeted multiple Curve (CRV) pools on July 31. Following the hack, cryptocurrency investors started withdrawing their funds, totaling over $3 billion, using various methods as concerns about contagion arose.
DeFiLlama data shows that two DeFi protocols, Curve Finance and Convex Finance, account for two-thirds of the drop in TVLs, with each losing over $1 billion in the last three days. Other protocols, UniSwap and Aave, also experienced losses. However, DeFiLlama data shows mild recoveries in the last 24 hours. The decline in TVLs can be attributed to lenders withdrawing liquidity from DeFi platforms due to industry uncertainty.
(With inputs from Shikha Singh)
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