Jinse Finance reported that the data showed that a series of failures of centralized cryptocurrency exchanges and services in the past year did not prevent the continuous outflow of funds from DeFi. According to DefiLlama, the value locked in cross-chain DeFi protocols is less than $38 billion, down from $178 billion at the industry peak in November 2021. Nearly $21.8 billion of that is currently held in the Ethereum protocol. The overall figure is even lower than the roughly $40 billion in total value locked (TVL) in DeFi shortly after the collapse of centralized exchange FTX in November 2022, causing the amount of many assets locked in such protocols to fall to two-year lows. Centralized cryptocurrency lenders including BlockFi, Genesis, and Gemini Earn also collapsed in the contagion.

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