BlockBeats report, June 24: According to the latest report from CryptoRank, the total value locked (TVL) in DeFi has declined for six consecutive months, dropping from approximately $115 billion in January 2026 to around $70 billion currently, representing a 39% decline year-to-date, reflecting ongoing market adjustments following the crypto market peak in 2025.
Data shows that since 2026, the DeFi sector has experienced 121 security incidents, resulting in cumulative losses of approximately $942 million. Of these, 85 attacks occurred in the second quarter, causing losses of about $775 million, making it one of the most frequently attacked quarters on record. The attacks on Drift Protocol ($295 million) and KelpDAO ($293 million) in April alone accounted for more than half of the year’s total losses.
Among the top ten blockchains by TVL, only TRON and Hyperliquid achieved positive growth. TRON’s TVL increased by approximately 5% year-to-date, supported by USDT transfers, stablecoin settlement, and lending demand; Hyperliquid grew by about 6.7%, benefiting from its leading position in the on-chain perpetuals market and the expansion of the HyperEVM ecosystem.
However, the report notes that this DeFi downturn cycle is noticeably milder than the 2021–2022 cycle, during which DeFi TVL plummeted by over 70% in seven months. Currently, funds are flowing more toward stablecoins, RWA, derivatives, and infrastructure, resulting in a more diversified and mature market structure compared to the previous cycle.