Cryptocurrency markets is losing steam amidst long-standing negativity. DeFi also had its share of this. Current data is a warning for volumes falling to levels not seen in a long time. So which protocols and altcoins are at risk?
DeFi volume crashed
In March, spot volume of decentralized exchanges dropped to $155 billion. According to data provided by Artemis, spot volumes are at their lowest level since September 2024. This shows that the rise and excitement that started with the election victory has now completely zeroed out.
hyperliquid Commodity futures kept the protocol afloat and the HYPE Coin price experienced significant increases. However, when we look at the DeFi market as a whole, the volumes and therefore the revenues of the protocols here have fallen to historical lows. If protocols cannot generate sufficient revenue, they will have difficulty surviving and may even have to close down due to lack of volume. Therefore, it is necessary to pay attention to DeFi altcoins in this process.
DeFi Altcoins
Hyperliquid (HYPE) DEX volume is down significantly from late January figures. However, it can be considered an exception compared to other DeFi protocols because it is still strong despite the declining volumes. HYPE Coin It is above the key $35 support and its TVL continues to grow.
Aerodrome (AERO) data confirms why Hyperliquid is positively dissociated. Volume is weak here compared to previous months, especially in March. Moreover, TVL has decreased from half a billion dollars to 335 million dollars. Since the AERO token unlocking speed has slowed down considerably, there is a high potential to survive this process.
asters It gained a lot of popularity last year, especially with the support of CZ. Let’s take a look at it. The picture is much clearer here. Volume has fallen dramatically in March, and TVL (total value locked on the network) missed the $1 billion threshold last month. There is a steeper decline, which means that as the volume decreases, the assets in the protocol are also rapidly withdrawn. Amid the Binance boycott discussions in the past months, Aster lost users. While CZ support was initially beneficial, it later became detrimental to the protocol. Moreover, the lock openings are still very large, for example, 29.7 million dollars of tokens will be released in the next 1 month. If volumes remain weak, Aster investors may experience much worse days than their competitors in the coming days.
In summary if Your DeFi cart If you have any and you do not think that we will experience a rapid recovery in cryptocurrencies, it may be a good option to identify your altcoins with decreasing volume, TVL and high inflation and develop a strategy for them. This point may also be a bottom, but considering the Iran war and the potential for interest rate hikes, 2026 may be more painful.
