, the total value locked for all decentralized finance protocols housed within different chains stood at $59.18 billion. Impacted by the general decline in the cryptocurrency market, the TVL within the DeFi ecosystem has declined by 65%., MakerDAO, with a TVL of $7.94 billion, enjoys a market share of 13.42% of the entire DeFi market. This is regardless of the fact that the protocol’s TVL has also dropped by over 120% since the year started.
As of this writing, the TVL of DeFi protocols built on the Ethereum network stood at $34.23 billion. With the rest of the market registering a consistent decline since the year started, how have DeFi activities within the Ethereum network been impacted specifically?Although the Ethereum chain has the highest TVL of all the networks within the DeFi ecosystem, TVL on the network has declined by over 185% in the last nine months.
At the beginning of the year, TVL for protocols within the Ethereum network stood at $98.81 billion, data from
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