DeFi’s total value locked (TVL) has declined for six straight months, dropping from about $115 billion in January 2026 to about $70 billion, a year-to-date fall of 39%, CryptoRank said in a recent report.
According to ChainCatcher, the report links the continued contraction to an ongoing market adjustment after the crypto market peaked in 2025.
CryptoRank reported 121 DeFi security incidents so far in 2026, with total losses of about $942 million. The second quarter accounted for 85 attacks and about $775 million in losses, making it one of the most frequently attacked quarters on record.
Two April incidents—Drift Protocol and KelpDAO—were cited as the largest, with losses of about $295 million and $293 million, respectively. Combined, the two events represented more than half of total losses recorded in 2026.
Among the top 10 public blockchains by TVL, only TRON and Hyperliquid posted positive growth in 2026, the report said. TRON’s TVL rose about 5%, which CryptoRank attributed to demand tied to USDT transfers, stablecoin settlement, and lending. Hyperliquid’s TVL increased about 6.7%, supported by its position in on-chain perpetual futures and expansion of the HyperEVM ecosystem.
Despite the downturn, CryptoRank said the current DeFi cycle has been milder than the 2021–2022 period, when TVL fell more than 70% within seven months. The report added that capital has been shifting toward stablecoins, real-world assets, derivatives, and infrastructure, contributing to a more dispersed market structure than in the prior cycle.
CryptoRank: DeFi TVL Falls 39% in 2026 as Security Losses Near $942 Million
2026-06-24 10:44:00
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