By Nermeen Nabil Khear 
This loss has wiped out all the gains since Donald Trump was elected US president in November 2024.
After the US election, DeFi TVL saw a surge, climbing to a high of $138 billion on December 17. However, by March 10, that number had plummeted to $92.6 billion, as noted by analyst Miles Deutscher. This drop reflects a larger trend of DeFi shrinking despite the overall crypto market’s ups and downs.
Source: X
Solana and Ethereum Struggle as DeFi TVL Declines
Solana has been taking its lumps, largely due to the fading popularity of memecoins. As the hype around these tokens has died down, Solana’s TVL has taken a major hit. But Ethereum, the second-largest blockchain in the DeFi space, isn’t out of the woods either. Ethereum’s TVL has dropped by $30.6 billion from its cycle highs, according to DefiLlama data.
Source: DeFillama
ETH, despite its promising future, has struggled to hit new heights. While Bitcoin soared past $109,000 on January 20, the day Trump took office, Ether couldn’t break its record high of $4,787, set in November 2021. Despite all the positive industry developments — like spot exchange-traded funds (ETFs) launching in the US and Trump’s executive order calling for a strategic Bitcoin reserve — Ethereum’s price and TVL have still struggled to regain momentum.
Source: DeFillama
DeFi TVL Decline Sparks Concerns Over Its Future
The decline in DeFi TVL raises questions about the long-term viability of decentralized finance protocols. Especially as the crypto world adjusts to a rapidly changing landscape. It’s clear that DeFi has had its fair share of ups and downs, and right now, it’s in a bit of a slump.
So, while the DeFi sector was riding high for a while, it’s clear that things are cooling off. The $45 billion drop in TVL is a wake-up call, showing that the market’s volatility is no joke. The question now is whether DeFi can turn things around or if it will continue to shrink back to its roots.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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