A month before the KelpDAO exploit, lending protocol Aave held the crown as DeFi’s largest application by total value locked (TVL). Archived data from Defillama shows Aave’s TVL stood near $26.577 billion on March 17, 2026. After the April 18 KelpDAO incident, however, the protocol lost its lead and has since slipped behind Lido in the rankings.

Defillama’s records show the damage spread far beyond a single protocol. Between April 16 and May 16, nine of the top ten DeFi applications posted declines in TVL. Lido, which now occupies the sector’s top position, recorded a 13.36% drop over the last 30 days, though the liquid staking platform still commands roughly $19.289 billion in TVL this weekend.

Total value locked (TVL) in DeFi this weekend, according to defillama.com stats.

Aave now holds roughly $14.77 billion in total value locked after absorbing a punishing 44% decline over the last 30 days. In raw dollar terms, that means approximately $11.605 billion exited the protocol during the past month as the broader DeFi sector reeled from the aftermath of April’s DeFi breaches.

Binance Staked ETH, which currently ranks as the third-largest DeFi protocol by value locked, shed 7.47% over the past month and now holds approximately $8.055 billion in TVL. Meanwhile, Morpho, a lending protocol operating across a myriad of blockchain networks, posted a milder 1.33% monthly decline and currently holds about $7.464 billion, placing it fourth among DeFi applications by TVL.

Eigencloud took a heavy hit over the last month, dropping 27.11%, though the restaking protocol still rounded out the top five DeFi applications with roughly $7.116 billion in value locked. The remainder of the top ten DeFi protocols largely moved in the same direction, with nearly every major platform posting declines over the past month.

The lone exception was Securitize, the real-world-asset ( RWA) platform that managed to avoid the broader downturn. Meanwhile, Sky, Ethena, Spark, and Ether.fi all recorded monthly losses.

Beyond the sector’s biggest names, the weakness spread across much of decentralized finance, as 31 of the top 50 DeFi protocols by total value locked recorded losses over the past month.

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