The total value locked in DeFi has fallen to its lowest level since February 2024, with the $71.7 billion figure indicating a large-scale withdrawal of on-chain funds. TVL is not price, but it is a thermometer for ecosystem confidence. A two-year low means the underlying foundation for new project fundraising, protocol revenues, and liquidity mining is contracting—DeFi’s narrative must now reprove itself. $BTC $ETH
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