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May 16, 2022
The sudden value drop stemming from Terra’s native assets, LUNA and UST, has affected decentralized finance a great deal.

Decentralized finance (defi) protocols are having a hard time weathering the storm, as the total value locked in defi today is down 39.26% since April 3, from $230.18 billion to the current $139.81 billion. The sudden value drop stemming from Terra’s native assets, LUNA and UST, has pushed Lido down to the third-largest TVL position in defi, losing 19.42% in 24 hours. Anchor Protocol has slipped down to the 12th largest TVL position, losing 66.34% in the 24-hour timeframe.

Value Locked in Defi Sheds 10% During the Last 24 Hours — Terra Defi Apps Rock the Boat

  • According to defillama.com stats, the value locked in decentralized finance protocols has dropped 10.58% in value during the past 24 hours, and 39.26% over the past 38 days since April 3, 2022. All ten of the top defi protocols in terms of TVL size have dropped between 1.61% and 19.42% in the last day.
  • The defi protocol Lido dropped from the second-largest position to the third-largest on Wednesday after losing close to 20% in value. Lido supports a number of blockchains, and one of them is the Terra network as it pays rewards in UST payments and allows LUNA bonding.
Terra Fiasco Stirs Value Locked in Defi — Lido, Anchor Plummet to Lower Positions
Total value locked in defi on May 11, 2022.
  • While the defi lending protocol Anchor was once the third-largest defi project just three days back, it is now holding the 12th position as it lost 66.34% during the last 24 hours. Seven-day stats show Anchor’s TVL lost 85.92% in value.
  • One of the only defi protocols that has seen its TVL rise over the last week is Tron’s Sunswap as it’s up 10.69% during the past seven days. Dydx managed to see its TVL rise by 0.80% this week and Arrakis Finance jumped 4.48% higher this week.
  • The stablecoin-centric automated market maker and decentralized exchange (dex) Curve Finance still dominated on Wednesday by 9.94% of the entire $139.81 billion. However, Curve is down 11.51% during the last 24 hours, 27% down for the week, adn 31.85% during the last month.
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  • The TVL in cross-chain bridges has also dropped 20.3% this month and there’s currently a TVL of around $16.49 billion spread across cross-chain bridge protocols. Polygon and Avalanche command the largest cross-chain bridge TVLs today.
  • While Terra was once the second largest in the defi space under Ethereum’s TVL, it has dropped to the sixth position. $3.71 billion remains in Terra-based defi protocols, while the leader Ethereum has $86.51billion.

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