The decentralized finance ecosystem has recorded a high amount of losses as the crypto market falls below the $2 trillion mark.

According to data provided by Defi Llama, the total defi total value locked (TVL) plunged by 19% over the past 24 hours — falling from $88.8 billion to $71.8. This is the first time since Feb. 24 that the defi TVL has fallen to the $71 billion mark.

The leading defi protocol, Lido Finance, saw a 19.2% decrease in its TVL over the past day, falling to $23 billion. The native token of the top liquid staking protocol, Lido DAO (LIDO), plunged by 26% in the past 24 hours and trading at $0.98 at the time of writing. 

EigenLayer, AAVE and Maker also recorded 18.5%, 16.7% and 10.8% declines in their TVLs, respectively.  Following the drop, AAVE’s TVL dropped below the $10 billion mark for the first time since May 2.

Moreover, JustLend, ether.fi and Uniswap witnessed 15.7%, 19.6% and 17.4% declines in their respective TVLs. 

At this point, data from Defi Llama shows that the leading 34 protocols have seen notable declines in their TVLs in the past 24 hours. 

The fall in the total defi TVL comes as the cryptocurrency market faces turbulence triggered by geopolitical concerns. Notably, the global crypto market capitalization plunged by 13.4% over the past day, falling below the $2 trillion mark.

In addition, the market-wide decline brought over $1 billion in liquidations in the past 24 hours. The leading cryptocurrency, Bitcoin (BTC), also fell below the $50,000 mark for a few minutes earlier today. 

On Aug. 2, spot Bitcoin and Ethereum (ETH) ETFs in the U.S. recorded notable outflows. BTC ETFs saw $237.4 million and ETH ETFs witnessed $54.3 million in outflows as the investor sentiment shifted amid market-wide FUD (fear, uncertainty and doubt).