⏬ DeFi TVL Sheds $50B, Erasing Recent Gains

gm Defiers!

Crypto markets are back in the green after a choppy week, with Bitcoin reclaiming $84K. Meanwhile, DeFi is struggling—TVL has shed $50B since December.

Coinbase is shaking up its listings, suspending certain memecoins for NY users. Plus, controversy is brewing in DeFi governance, with Gauntlet facing accusations of self-dealing.

✍️ In today’s newsletter:

DeFi TVL sheds $50B
Bitcoin tops $84K as crypto market rebounds
Coinbase halts memecoins in NY amid price slump
Aave dominates DeFi lending space in February
Gauntlet faces self-dealing allegations in Compound vote

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⏬DeFi TVL Drops $50B, Wiping Out Gains from Cycle Highs

DeFi TVL has plunged $50 billion since December, wiping out post-election gains and dropping to $88 billion. The decline comes despite Bitcoin’s all-time high of $109,000 in January.

💸Bitcoin Rallies Above $84,000 as Crypto Market Rebounds

The crypto market rebounded Friday as US stocks rallied and the dollar weakened, pushing total market cap up 2% to $2.84 trillion. Bitcoin hit $84,000, while Ethereum hit $1,915.

🛑Coinbase Suspends Memecoins in NY as Prices Tank

Coinbase is suspending select memecoins for New York users just weeks after listing them. This includes GIGA and TURBO, which have plummeted 82% and 63%, respectively, since their January debut.

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🏆Aave Leads DeFi Lending in February as GHO Supply Doubles

Aave dominated DeFi lending in February, raking in $8.6 million in revenue—over 75% of the sector’s total—while its treasury hit a record $100 million. Meanwhile, Aave’s GHO stablecoin surged past $200 million in supply, doubling since August.

🙊Gauntlet Accused of Self-Dealing in Compound Proposal

Compound DAO has approved Morpho-powered lending vaults on Polygon. However, the decision is drawing scrutiny over potential conflicts of interest after Gauntlet cast over 25% of the “for” votes.