Golden Finance reported that the total locked value (TVL) of the DeFi protocol has fluctuated significantly in the past week, falling from US$140.95 billion on December 17 to US$117.76 billion on December 20, and then rebounded to 122.06 billion on December 26. Dollar. Meanwhile, the market capitalization of stablecoins has remained fairly stable, with very little movement since December 1, hovering around $240 billion. The difference between TVL and stablecoin market capitalization is significant, indicating that the decline in TVL is primarily caused by crypto asset price depreciation rather than a fundamental shift in user behavior or capital flight from DeFi protocols.