DeFi TVL drops 39% in 2026 amid market downturn and record hack activity

DeFi TVL fell 39% in 2026 as a broader market downturn and fallout from major exploits, including the Kelp DAO hack, weighed on the sector.

Total value locked (TVL) in decentralized finance (DeFi) has fallen by about 39% in 2026 so far, declining to just over $70 billion from roughly $115 billion in January.

A Wednesday report from crypto data aggregator CryptoRank attributed the decline to the broader market correction that followed the October 2025 crypto market peak.

After Bitcoin reached a record high above $122,000, a market-wide liquidation event on Oct. 10, 2025, erased more than $19 billion in leveraged positions and accelerated a deleveraging cycle across digital assets.

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