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DeFi Daily Volume Dwindles to 7-Month Lows as Sector Endures Downswing
Sunday marked the lowest daily volume across DeFi since the turn of the year.
Updated Jul 26, 2023, 6:40 p.m. Published Jul 26, 2023, 12:46 p.m.
The decentralized finance (DeFi) sector has endured a troubling month due to plummeting transaction volume and a series of hacks and exploits.
On Sunday, the entire DeFi market racked up just $1.12 billion in transactional volume, marking the lowest daily total since January 1, according to DefiLlama.
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Total value locked (TVL), which measures the amount of capital that is held across all DeFi protocols, slumped from $45.3 billion to $42.9 billion in July as the sector failed to turn the tide against falling asset prices. During this period, ether traded down from $1,920 to $1,850 whilst bitcoin failed to break through resistance at $31,500.
In July, the biggest loser has been Conic Finance, a yield-generating protocol that lost 1,700 ether in a reentrancy exploit last week. The protocol's individual TVL has plunged 65% to $42 million from $125 million.
Conic was not alone in its exploit-induced plight, on Tuesday zkSync's largest lending protocol, EraLend, was struck by another reentrancy attack resulting in a $3.4 million loss.
Several other DeFi protocols have experienced outflows this month, with liquid staking protocol Ankr, NFT-lending service BendDAO and Arbitrum-based decentralized exchange Chronos dealing with up to a 50% drop in TVL.
The likes of Curve Finance, Blur and MakerDAO have also all lost more than 15% of their respective TVL in the past month.
Despite the majority of DeFi failing to capitalize on a relatively stable wider market, there has been a couple of winners. EigenLayer is generating fresh inflows after it rolled out its restaking protocol, whilst Lybra Finance and Solana-based Marinade Finance continue to show strong growth with their TVL rising by 73% and 45% respectively.
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