The recent market turmoil has sent ripples through the crypto landscape, leading to a staggering $455 million in liquidations. Even giants like Bitcoin and Ethereum weren't spared, but the DeFi market faced an even harsher impact. Total Value Locked (TVL) in DeFi plummeted nearly $5 billion in a day, with Avalanche taking a severe 5.60% hit. Most alarming, Thorchain's TVL nosedived over 29% in just 24 hours, raising questions about the stability of the DeFi sector. What drove this dramatic decline and what it means for...
![Altcoin selloff wipes out $4.9 billion in DeFi TVL](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/06/altcoin-selloff.jpg&w=70&h=37&q=75)
Altcoin selloff wipes out $4.9 billion in DeFi TVL
Smaller chains see substantial TVL reductions, exacerbated by short-term sell pressure from airdrop activities.
![Altcoin selloff wipes out $4.9 billion in DeFi TVL](https://cryptoslate.com/wp-content/uploads/2024/06/altcoin-selloff-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.