The decentralized finance (DeFi) landscape has experienced a significant downturn, with a staggering $10 billion wiped off its total value locked (TVL). This drastic decline has been led by two prominent blockchains, Avalanche and Solana, which have suffered substantial losses.

Avalanche, in particular, has been hit hard, with a massive 31.5% outflow of funds, leaving it reeling from the shock. Solana, on the other hand, managed to contain its losses to around 30%, a relatively smaller but still significant blow.

Despite facing stiff competition from other platforms, Solana has managed to hold its ground, adding around $6 billion to its DeFi operations. Ethereum, however, remains the dominant force in DeFi, retaining a substantial 67% of the TVL in April, albeit with a 14.2% drop. Bitcoin, meanwhile, has continued to ride the waves, unaffected by the turmoil.

Base, a Layer-2 blockchain developed by Coinbase, has bucked the trend, attracting new capital and raising over $1 billion in total locked funds. The DeFi market as a whole has been in consolidation mode, with some blockchains experiencing a staggering outflow of funds, marking a dramatic shift in the financial fortunes of the sector.