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The global DeFi total value locked (TVL) has been struggling since April, and with the recent bear storm, it has dropped to a 31-month low. 
According to data provided by DeFi Llama, the total decentralized finance (DeFi) TVL has been constantly dropping since April from a local top of around $52.9 billion. Consequently, the TVL has dropped to $37.6 billion, last seen in February 2021. 
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 <img decoding="async" width="1507" height="456" src="https://crypto.news/app/uploads/2023/09/DeFi-TVL-Sep-5.png" alt="DeFi TVL drops to 31-month low amid bear storm - 4" class="wp-image-14191646">
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 DeFi TVL – Sep. 5 | Source: <a href="https://defillama.com/" target="_blank" rel="noopener">DeFi Llama</a>
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</figure> 
Moreover, the TVL of the top 12 DeFi protocols dropped by 0.92% in the past 24 hours on average, with the top loser spot going to Curve Finance, which fell by 2.1%.&nbsp; 
Per DeFi Lama, the leading decentralized protocol remains Lido with a $14 billion TVL. Data shows that Lido has accumulated roughly $1.5 million in fees in the past 24 hours. 
 You might also like: <a href="https://crypto.news/usdts-market-cap-drops-for-the-first-time-in-2023/"> USDT’s market cap drops for the first time in 2023 </a> 
The recent drop in the global DeFi TVL comes as the total crypto market capitalization saw a 0.8% decline over the past day. According to data <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">provided</a> by CoinMarketCap (CMC), the cryptocurrency sector is worth $1.03 trillion at the time of writing. 
The red market has caused a stir in the industry, and the majority of the top cryptocurrencies are abiding by the bear storm. 
In July, the U.S. Senate <a href="https://crypto.news/new-bill-proposes-strict-rules-for-defi-protocols/">proposed</a> a strict bill for DeFi regulation that the crypto community criticized. Shortly after the proposal, the Blockchain Association <a href="https://crypto.news/blockchain-association-criticizes-new-us-defi-regulation-bill/">slammed</a> the new bill, calling it incompatible with the industry as it pressures the DeFi protocols to collect user data. 
 Read more: <a href="https://crypto.news/stake-reportedly-hacked-15-7m-suspiciously-moved/"> Stake reportedly hacked, $15.7m suspiciously moved </a>

DeFi TVL drops to 31-month low amid bear storm

crypto.news

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