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 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.
2 min read
Updated: Jun. 19, 2024 at 2:07 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,388.63
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Arbitrum
$0.81946
Arbitrum is a type of technology known as an optimistic rollup.
