Cryptocurrency enthusiasts continue to focus on decentralized finance protocols and opportunities. Unfortunately, several DeFi protocols are on the verge of collapse today. The following projects are best avoided since their TVL is virtual dried out in the past day.
Dune Swap (-100%)
It is never a good sign when a DeFi protocol loses 100% of its TVL in a month. For Duneswap, these TVL declines occurred over the past day, confirming that the log has run its course. It is an unfortunate development for Oasis blockchain users who had high hopes for this AMM DEX on the Oasis Emerald ParaTime Network. The project hit a TVL ATH of over $12.5 million in mid-January and has since collapsed. After the final drying up of liquidity, the project seems to be finally done and dusted off.
QAO (-100%)
A similar situation concerns QAO, a decentralized finance protocol on the Ethereum blockchain. He too has lost 100% of his total locked value in the last 24 hours. This is not surprising as the platform has had issues from day one. Despite hitting TVL ATH above $483,000 in February 2020, it never managed to sustain growth. Things got even worse in early April when the TVL fell from $228,000 to below half overnight. The decentralized governance protocol for smart assets will need a solid reboot to attract new users, although that seems unlikely.
Coffin Financing (-98.54%)
It seems like Coffin Finance has put its final nail in the coffin. The Fantom-based DeFi protocol lost almost all of its remaining total value overnight. While partially collateralized stable tokens are intriguing, funds have dried up. A sad development as in November 2021 Coffin Finance had a total value of over $8 million on hold, falling to $1.6 million in two weeks. There are still some funds tied up in staking, although this money will soon leave the smart contract.
YSL.IO (-96.1%)
When YSL.IO positioned itself as a cutting-edge DeFi tool, people were excited. The protocol is designed to amplify yield farming returns and maximize the benefits of locked liquidity. It even gained over $283 million in TVL in early January 2022 and kept most of it until two weeks ago when that TVL fell below $2 million. Most of the remaining funds have now been cleared, signaling the end of this once-popular DeFi protocol on the BNB chain.
2Doge Finance (-86%)
Things are only getting worse for decentralized finance on the Fantom blockchain. 2Doge Finance is the second project to lose over 86% of its TVL today. That’s not surprising given that 2Doge Finance has been struggling for liquidity since day one. It never topped $156 in TVL – recorded in early March – and has been forgotten ever since. The contract is still holding $0.42 at the time of writing and pool2 has a balance of just over $9.
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