Throughout the year, TVL in DeFi has declined significantly, with TVL on Ethereum falling a further 12.0% to $22.9B in July. Additionally, various DeFi protocols suffered hacks, leading to tens of millions in losses. Curve’s TVL fell 56.6% due to a $70M reentrancy attack, causing a contagion effect in protocols that rely on its liquidity. This included Convex Finance, which declined 58.2% in the same period. Elsewhere, Multichain suffered a $130M exploit, causing Fantom’s TVL to fall below $65M.

Non-fungible tokens (NFTs)

Monthly trading volume for NFTs

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