Value locked in DeFi smart contracts is now around $8.6 billion, down from $9.5 billion on September 2.
Early this week, the total value locked in decentralized finance smart contracts peaked at an all-time high of $9.51 billion.
With yield farming on the upside, the value locked in DeFi protocols had surpassed the $9 billion mark on September 2, largely driven by increased liquidity from centralized exchanges and the monstrous rally in unaudited protocol Sushiswap.
However, the last 24 hours have seen a meltdown in the cryptocurrency market to contribute to the massive decline in the metric.
According to data from DeFi tracking platform DeFi Pulse, the TVL (USD) now stands at around $8.6 billion. It means that the last 24 hours have seen more than $900 million in total value locked wiped off the space.
Uniswap accounts for the most value locked in protocols at $1.68 billion, while stablecoin mint protocol Maker is second with about $1.47 billion in locked value. Aave now accounts for $1.38 billion and Curve Finance has over $1.17 billion worth of assets locked.
But the four leading DeFi protocols have all seen a dip in the TVL metric, with 6.38%, 7.01% and 7.2% for the top three respectively. Curve Finance has the least decline percentage among the four at 0.76% as of writing.
Decentralized finance tokens have seen massive rallies over the year, with listings on platforms like Coinbase, Binance and OKEx contributing to the spike from $500 million in TVL early this year to over $9.5 billion this week.
