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Ethereum’s DeFi debacle and what it actually needs to recover from its plunge
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November was a difficult month not only for the spot market but for the DeFi market as well, and Ethereum is the prime example of it.
Even though Ethereum holds 66% domination in the DeFi space, halfway through the month of November the DeFi king lost about $18 billion from its total value locked (TVL) and has since been making its recovery slowly.
The biggest letdown came from some of the derivatives protocols which had a pretty significant drop of 13.21%, followed by Lending and DEXs at 9.17% and 6.51% respectively.
Ethereum TVL distribution | Source: Coin98
Some dApps are making major gains and supporting the recovery of the lost TVL. Loopring, for example, turned out to be one of the biggest protocols this month, rising by over 281% from
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