North Korean hackers and shattered on-chain projects have left several decentralized finance blockchain struggling, with tens of millions of users with the outflow of property.
Difilama’s data suggests that many DEFI chains have lost in about 90% years of total user deposits, especially since the final Crypto cycle. On-chain analyst 0xthoor Identified Ethereum virtual machine-compacted blockchain harmony Defi as the biggest decline about total value lock.
Harmoni launched its Layer -1 Mennet in 2019, two years before the last bull run and its 2021 summit. By January 2022, Harmoni’s TVL reached an all -time high level, which was more than $ 1.4 billion.
Six months later, in June, North Korean Hacker Group Lazarus stole $ 100 million from the horizon bridge of Harmoni in one of the largest hacks of Defee. The user deposits of Harmoni continued to decline from that point. Protocol published a time of $ 1.7 million in TVL, which was 99% below its 2022 Ath.
Defa TVL has also been reduced by at least 90%for projects such as Arora, Moonrise, Canto and EVMO. Even polygon, a popular etherium-based scaling solution, has lost 92% of its TVL. Crypto deposited in early 2021 from $ 9.9 billion to $ 700 million to $ 9.9 billion in 2021. “Many more TVL charts will look like this in the coming years,” 0xthoor tweeted on 10 February.
The total DEFI TVL is currently above $ 106 billion, below $ 175 billion in 2025. Despite the major protocol collapse, projects such as coinbase-incubated base and emerging bitcoin DEFI operations can pursue on-chant ecosystems at new heights as adoption.
