Data: DeFi total TVL has dropped by 42% over the past year, while USDC deposits on Morpho have surged by 86% against the trend.

According to ChainCatcher, Token Terminal data shows that although the overall DeFi total value locked (TVL) has dropped by about 42% over the past 365 days, the USDC deposit size on the lending protocol Morpho has instead increased by approximately 86%, reaching around $2.8 billion.

The data indicates that against the backdrop of overall slowing DeFi growth, capital continues to flow into on-chain lending protocols represented by Morpho, reflecting that market demand for USDC yield-bearing lending products remains on the rise.