The total value locked (TVL) of cryptocurrencies in decentralized finance (DeFi) protocols has lost all its gains since Donald Trump was elected president of the United States in November 2024.

After the U.S. elections, the TVL of DeFi rose to USD 138 billion on December 17, but it had retracted to USD 92.6 billion by March 10, as noted by analyst Miles Deutscher.

Solana has borne the brunt of criticism as its memecoin popularity fades, but Ethereum has faced its own challenges in recent cycles, with Ether (ETH) failing to reach a new all-time high despite Bitcoin

BTC

€74,866

soaring beyond USD 109,000 on January 20, the day Trump took office. The TVL of Ethereum has also fallen by USD 30.6 billion since the cycle highs, according to data from DefiLlama.