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According to Wu's report and DeFiLlama data, as the market declines, the DeFi TVL has dropped by more than $57 billion from its peak of $171.99 billion in early October to $114.609 billion, a decline of over 30% in less than 2 months. In the past month, leading DeFi protocols such as Lido, EigenLayer, and Ethena have all seen their TVL decline by over 20%.

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