Data: Total value locked (TVL) in DeFi fell by 39% cumulatively in 2026, with TRON and Hyperliquid growing against the trend.

CryptoRank’s latest report shows that decentralized finance (DeFi) total value locked (TVL) has declined for six consecutive months, falling from around $115 billion in January 2026 to roughly $70 billion currently, marking a 39% year-to-date drop, a trend reflecting the ongoing correction following the 2025 crypto market peak. Data indicates that 121 security incidents have occurred in the DeFi space since the start of 2026, resulting in total losses of approximately $942 million. Among these, 85 attacks took place in the second quarter, causing around $775 million in losses, making it one of the most attack-prone quarters on record. The April attacks on Drift Protocol ($295 million) and KelpDAO ($293 million) alone account for more than half of the year’s total losses. Among the top 10 public blockchains by TVL, only TRON and Hyperliquid have posted positive growth. TRON’s year-to-date TVL rose by around 5%, driven primarily by demand for USDT transfers, stablecoin settlements, and lending services. Hyperliquid’s TVL grew by roughly 6.7%, fueled by its leading position in the on-chain perpetual contracts market and the expansion of its HyperEVM ecosystem. However, the report notes that the current DeFi downturn is significantly milder than the 2021–2022 cycle. Back then, DeFi TVL plummeted by over 70% in just seven months, while current capital is flowing more into segments like stablecoins, real-world assets (RWA), derivatives, and infrastructure, making the market structure more diversified and mature than in the previous cycle.