The collapse in the Terra ecosystem last week negatively affected the entire cryptocurrency market. While central financial networks were adversely affected by this situation, the total locked value (TVL) in the DeFi sector decreased from $205 billion to $112 billion in the first half of May. At the end of April, the TVL of the Ethereum network alone was over $112 billion.
The Terra Blockchain network, which hosts 29 protocols, was the second largest Blockchain network after Ethereum with a total value locked at $30 billion before the crash. The network, which has seen rapid exits since May 7, has almost zeroed the locked total value in parallel with the native token of the ecosystem and currently stands at $221 million according to Defilation data.
As the rankings changed after the collapse of the Terra network, the Binance Smart (IS:SMART) Chain (BSC) network has moved into the top two network positions with its current TVL of $8.8 billion. While serious fund losses are seen in the BSC network, the total value locked in the network is at this year's lows, almost halving in 2022.
After Terra, the multi-protocol Blockchain network with the most TVL loss in the last month was Fantom. Fantom Blockchain, which hosts 220 protocols, has lost close to 70 percent of its total locked value in the last month, falling to a total of $1.8 billion TVL. Most of the decline in the fantom network has come in the last week.
The Ethereum network, where 481 protocols are currently operating, remains by far the largest Blockchain network. The Ethereum network has seen a 38.5 percent loss of TVL in the past month and has a locked total of $72 billion, recorded as 2022 lows, from TVL levels currently $110 billion.
After Ethereum and BSC networks, the top 5 Blockchain networks consist of Avalanche with TVL of $5.12 billion, Solana with TVL of $4.39 billion, and Tron with a TVL of $4.22 billion, respectively.
Kadena, a mid-range blockchain that has seen a 15% increase in TVL in the last week amid the decline, is now at a TVL of $3.3 million.