The total value locked (TVL) in Ethereum-based decentralized exchanges (DEX) has plummeted 88% from its peak, according to new data from Token Terminal. At its height in November 2021, DEX TVL on Ethereum reached $44 billion, but now hovers at around $5 billion. Meanwhile, the total TVL of the Ethereum Layer 1 (L1) ecosystem has surpassed its previous cycle high to exceed $200 billion. This total TVL is calculated as an aggregate of stablecoins, lending and real-world assets (RWA), liquid staking, and DEX. Interestingly, stablecoins account for approximately 65%, or $130 billion, of that figure, Token Terminal data shows. Stablecoin TVL on Ethereum previously peaked at $122 billion in February 2022. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
