Despite broad market weakness and waves of forced liquidations across crypto, DeFi’s total value locked (TVL) has proven surprisingly resilient — a signal that traders are still attempting to generate yields despite bearish sentiment flooding the crypto market.

Over the past week crypto majors BTC, ETH, XRP and SOL fell to multi-year lows, with ETH now losing 21% of its value over the past seven days alone.

But that drop off didn’t translate into outflows from DeFi protocols. Total value locked fell from $120 billion to $105 billion, a 12% downturn as it outperformed the market.

The 12% drop off can be attributed to dwindling asset prices as opposed to yield farmers rushing for the exits. The amount of ether deployed across the DeFi…