DeFi TVL down 39% this year, only Tron and Hyperliquid see growth

The total value locked (TVL) in decentralized finance (DeFi) has declined for six consecutive months, according to a report from CryptoRank. The report states that DeFi TVL has fallen 39% year-to-date, dropping from approximately $115 billion in January to its current level of around $70 billion. This trend reflects an ongoing correction following the 2025 crypto market peak. This year, the DeFi ecosystem has suffered 121 security incidents, resulting in losses of about $942 million. Notably, 85 of these incidents occurred in the second quarter alone, accounting for roughly $775 million in damages. Among the top 10 chains by TVL, only Tron (TRX) and Hyperliquid (HYPE) have recorded positive growth. Tron's TVL increased by about 5% year-to-date, driven by demand for USDT transfers, stablecoin payments, and lending. Meanwhile, Hyperliquid's TVL grew by approximately 6.7%, fueled by its dominance in the on-chain perpetual futures market and the expansion of its HyperEVM ecosystem.