Value locked in Decentralized finance (defi) dropped to around $74 billion today from its all-time high of $253.9 billion in December last year. Defi was hit hard by the recent crypto market downturn, with the total value locked (TVL) across 118 different blockchains declining more than 70% since the all-time high.

Moreover, the top smart contract platform tokens recorded significant losses, declining 70% in value against the U.S. dollar (from $823 billion in December 2021 to today’s $245 billion). The price of Ethereum, the leading smart contract platform token commanding $131.50 billion of the total $245 billion, declined nearly 50% since the start of the month.