According to CoinDesk, DefiLlama data shows that funds in decentralized finance (DeFi) protocols have fallen to their lowest level since February 2021. Specifically, the total locked value (TVL) has slipped to $37.5 billion, down from $38 billion in December last year.

Over the past month, the locked value of multiple protocols has more than halved. Velodrome, a decentralized exchange (DEX) based on Optimism, has seen its TVL drop by 58%. Balancer, one of the largest liquidity protocols, has seen its TVL drop by 35% to $641 million.

The shrinking DeFi TVL, despite Ethereum (ETH) gaining around 40% since December, suggests that DeFi’s problems are specific to it, rather than its key tokens.