A slew of failures of centralized crypto exchanges and services over the past year has done little to stem consistent outflows from decentralized finance (DeFi) during that time, data shows.

According to DefiLlama, less than $38 billion in value remains locked within DeFi protocols across chains, down from $178 billion at the industry’s height in November 2021. Almost $21.8 billion of that is currently held in Ethereum protocols.

The overall figure even falls short of the ~$40 billion in total value locked (TVL) in DeFi shortly after centralized exchange FTX collapsed in November 2022, which cratered the amount of many assets locked within such protocols to a two-year low at the time. Centralized crypto lenders including BlockFi, Genesis, and Gemini Earn also collapsed amid the surrounding contagion.

Though TVL rose back to roughly $50 billion in April as the market recovered, the metric quickly retraced below $38 billion despite its underlying crypto values sliding relatively little over this period.

The $37.6 billion figure does not include funds locked in popular liquid staking protocols like Lido, which has more than doubled its TVL from $6 billion to $13

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Author: Andrew Throuvalas

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