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October saw the first time the total value locked in all DeFi protocols closed below the month’s starting value. Square Crypto is sponsoring a bitcoin wallet designer.
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DeFi contraction
In the last week of October, DeFi protocol tokens were bleeding red.
MakerDAO, one the largest and most successful decentralized lenders, started the week at $2.1 billion locked in.
By Friday, that had dipped to $1.96 billion, according to DeFi Pulse. Compound, Aave and Curve similarly shed a few million from their valuations.
In aggregate, DeFi lost $1.5 billion in the last five days of the month, according to DeFi Pulse.
With those losses, October marked the first time since the sector’s bull market began that the amount of cryptocurrency “locked in” DeFi contracted compared in the span of a month.
It wasn’t a steep decline. DeFi’s cumulative valuation stood at $11.28 billion on Oct. 1, and only retreated to $11 billion locked up on Oct. 31.
Industry publication Decrypt called the ecosystem’s monthly top at $12.4 billion.
It was this minor decline that may have triggered a more than $2.5 billion sell-off seen this weekend, where the ecosystem retreated to lows of $8.5 billion last seen in early September.
With prices reverting back to over $11 billion (at press time), it doesn’t appear that DeFi is dead.
