Sunday Marks Lowest Daily Volume in DeFi
Sunday saw the lowest daily volume in the decentralized finance (DeFi) sector since the beginning of the year. The sector has been facing challenges such as decreasing transaction volume and a series of hacks and exploits.
- Total value locked (TVL) in DeFi protocols dropped from $45.3 billion to $42.9 billion in July as the sector struggled against falling asset prices.
- Conic Finance, a yield-generating protocol, lost 1,700 ether in a reentrancy exploit, causing its TVL to plummet 65% to $42 million.
- EraLend, the largest lending protocol on zkSync, also fell victim to a reentrancy attack, resulting in a $3.4 million loss.
- Ankr, BendDAO, and Chronos experienced drops of up to 50% in TVL.
- Curve Finance, Blur, and MakerDAO lost more than 15% of their respective TVL in the past month.
However, there were a few winners in the DeFi market. EigenLayer saw fresh inflows after launching its restaking protocol, while Lybra Finance and Marinade Finance experienced significant growth with their TVL rising by 73% and 45% respectively.
Hot Take: DeFi Struggles Amidst Falling Asset Prices and Exploits
The DeFi sector is currently facing challenges, including decreasing transaction volume, falling asset prices, and several hacking incidents. While some protocols have suffered significant losses, others have managed to attract inflows and show growth. As the market continues to navigate these obstacles, it remains to be seen how the sector will adapt and recover.
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