$60 Billion Gone: DeFi’s Wild November Wipeout Hits Hard

According to the latest metrics, decentralized finance (DeFi) has watched nearly $60 billion slip away from its total value locked (TVL) since Oct. 7, 2025. November’s crypto-wide slump hasn’t been gentle, sending hefty sums galloping out of the DeFi arena.

12 Titans, One Rout: Inside DeFi’s Brutal $60B Shakeout

Figures from defillama.com reveal that the leading DeFi protocols are chalking up hefty 30-day pullbacks across the board. Since the yearly high on Oct. 7, when TVL hit $171.989 billion, roughly $59.293 billion has evaporated, leaving today’s tally at $112.696 billion.

At the front of the pack, the DeFi lending platform Aave holds $30.299 billion in TVL, marking an 18.17% slide over the past month. Aave’s dominance now sits at 26.89% of the current $112.696 billion locked in DeFi. Lido trails with $23.53 billion, dipping 28.32%, while Eigenlayer sits at $11.16 billion after a 31.15% drop.

45 days ago, the total value locked (TVL) in DeFi tapped $171.989 billion. Image source: defillama.com. Binance Staked ETH holds $9.641 billion, down 29.58%, while Spark hangs on to $8.533 billion with a 16.05% monthly slide. Ethena carries $7.616 billion after a 30.63% dip, and Ether.fi shows $6.488 billion following a 33.66% fall. Together, these seven DeFi heavyweights account for 86.31% of the sector’s total TVL.

Morpho reports $5.607 billion, down 26.73%, with Sky at $5.32 billion after a 21.26% pullback. Babylon Protocol carries $4.745 billion, dipping 24.33%, while Pendle logs $4.505 billion with a 32.60% drop. Finishing off the list of DeFi’s top 12 protocols, Uniswap posts $3.83 billion in TVL, down 34.68% over the past 30 days.

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Despite the sea of red, the shakeout hasn’t dimmed DeFi’s footprint — it’s simply revealed who can keep their footing when the floor tilts. With liquidity thinning and valuations getting a reality check, protocols are being forced to show what they’re really made of. Some are bruised, some are battered, and a few are clinging on with white knuckles, but the sector’s core players continue to anchor most of the value still standing.

As November winds down, the question isn’t whether DeFi can recover — it’s how quickly it can snap back once the broader market stops throwing elbows. If history is any guide, money flowing out rarely stays out for long. For now, the chart may look like someone spilled coffee on it, but the builders, traders, and token diehards aren’t going anywhere. In DeFi, downturns may sting, but comebacks tend to bite back harder.

FAQ

• What caused DeFi’s TVL to drop nearly $60 billion? A broad November market downturn pulled liquidity out of major protocols worldwide.
• Which DeFi platforms were hit the hardest? Leading protocols like Lido, Eigenlayer, and Ether.fi saw some of the steepest 30-day declines.
• How much value do the top DeFi protocols still control? The sector’s 12 largest platforms hold most of the remaining $112.696 billion in global TVL.
• Is DeFi expected to recover soon? A rebound is possible once global crypto markets stabilize and liquidity returns.