The Volume of Blocked Funds in DeFi Ecosystem Crashed by 43% Last Month
Bitcoin and Ethereum fell by 15.6% and 28.8% at the end of May, respectively, and the total value of assets in the DeFi segment fell by 43%.
The recent collapse of the Terra ecosystem provoked a protracted market correction. On May 12, BTC hit $26,700, the lowest level since December 2020.
The price of Ethereum tested the $3,000 level, but failed to gain a foothold above it. On May 27, the crypto reached a local low near $1,700. The last time the asset was at this level was in July 2021.
The total value locked (TVL) in dApp smart contracts fell by 43% to $117.48 billion.
The second-ranked ecosystem in TVL, Terra, lost out to BNB Chain ($9.13 billion as of June 1).