Leading DeFi protocols, such as Maker [MKR], Aave [AAVE], and Curve [CRV], have witnessed a decline in their Total Value Locked (TVL) over the last few months. A continued bearish progression of the general cryptocurrency market further adds to the decline by putting the DeFi space at risk.
According to data from Defi Llama, the TVL of DeFi protocols hosted across different chains has declined since April’s general downturn. Marking an index of $229.94 billion at the beginning of April, the value of this has declined by over 65% in just a period of three months.
The strike on leading protocols, such as Maker, Aave, and Curve has been the most severe. The TVL for Maker, for example, has seen a decline from $15.18 billion to $7.53 billion in the last three months.
Similarly, Aave has registered a drop from $13.77 billion to $4.73 billion in its TVL within the same period. Seeing a decline from $20.76 billion to $4.95 billion in its TVL in the last three months, Curve registered an 80% drop.
In the light of the aforementioned instances, how have the respective native tokens of each of these leading protocols fared since April?
In the last 90 days, the prices of the MKR, AAVE, and CRV tokens have witnessed losses. At $2,085 per MKR token at the beginning of April, the crypto market bloodbath in the last three months has imposed a 57% decline on this token. At press time, it traded at $891. Within the period under review, the token’s market capitalization also registered a decline from $2.04 billion to $871 million by press time.
The ‘ghost’ token, AAVE, recorded a 72% drop in its price in the last 90 days. Exchanging hands at $56.52 per AAVE token at the time of press, the token fell from a high of $206 recorded at the beginning
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