Total value (TVL) locked in decentralized finance (DeFi) protocols is showing signs of recovery after three US bank collapses.
Total locked value in DeFi protocols fell to a two-month low following the collapse of Silvergate, Signature Bank, and Silicon Valley Bank. It is seen that the total values locked in the latest data published are in the recovery phase. Data shared by DeFi Llama shows that total DeFi TVL has increased by 1.3 percent to reach $47.88 billion at the time of this writing. This figure fell to $42.9 billion, the lowest level in the last two months, on March 12, and was last seen in mid-January.
Lido Finance Dominates
According to DeFi Llama, DeFi’s upward momentum started earlier this year, reaching a three-month high of $51.29 billion on February 21. In addition, Lido Finance tops the TVL list with a valuation of $10.07 billion. The shared data reveals that the TVL of the protocol has increased by almost 25 percent over the past 30 days. Lido Finance currently has a 21 percent command over the total DeFi value.
The collapse of US banks is seen as one of the major reasons behind the recent decline in total DeFi TVL. In the past month, decentralized protocols witnessed notable attacks and lost more than $21 million.
Just two weeks into the end of March, hackers have stolen nearly $200 million worth of assets from DeFi protocols, including the $197 million Euler Finance attack on March 13.
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