The total locked value (TVL) of DeFi protocols has experienced significant fluctuations over the past week, dropping from $140.95 billion on December 17 to $117.76 billion on December 20, and then rebounding to $122.06 billion on December 26. Meanwhile, the market capitalization of stablecoins has remained relatively stable, fluctuating little since December 1 and hovering around $240 billion. The difference between TVL and the market capitalization of stablecoins is quite notable, indicating that the decline in TVL is primarily due to the devaluation of crypto asset prices, rather than a fundamental change in user behavior or capital flight from DeFi protocols.