Several decentralized finance blockchains, including Harmony and Polygon, have experienced significant declines in user deposits and total value locked (TVL), with some losing around 90% of their TVL. The decline in TVL can be attributed to a combination of factors, including North Korean hackers stealing $100 million from Harmony's Horizon bridge, as well as overall market trends. Despite these challenges, the total DeFi TVL currently stands at around $106 billion, and the emergence of projects like Base and Bitcoin DeFi operability may drive further growth in the on-chain ecosystem.



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