Lido lost $1.8 billion in value in a day. Did anyone actually leave?
DefiLlama shows DeFi's biggest protocols shrank 4% to 8% in 24 hours. Compared with CoinGecko prices, most of that looks like falling prices, not withdrawals.
Key points
- Lido's total value locked fell 7.6% in 24 hours to $21.73 billion, DefiLlama shows. Ether fell 8.3% over about the same time on CoinGecko.
- Aave V3 fell 5.9% to $15.10 billion and Morpho Blue 4.7% to $10.92 billion.
- Over seven days, Lido, Aave V3 and Morpho Blue are still up 0.7%, 2.3% and 3.2%.
What TVL means
TVL (total value locked) is the dollar value of all the coins deposited in a protocol. It drops when people withdraw, but it also drops when the price of the deposited coins falls, even if nobody moves anything. So on a crash day, the key question is which of the two happened.
What moved
DefiLlama's protocol list, read at 12:50 a.m. ET on November 6, shows red across DeFi's largest names over 24 hours:
- Lido (ether staking): minus 7.6% to $21.73 billion.
- SSV Network (staking): minus 7.9% to $11.69 billion.
- Aave V3 (lending): minus 5.9% to $15.10 billion.
- Morpho Blue (lending): minus 4.7% to $10.92 billion.
- WBTC (bitcoin on Ethereum): minus 5.9% to $8.82 billion.
By our math, Lido's drop is about $1.8 billion.
24-hour change: protocol value vs coin price
%
Sources: DefiLlama protocols API (12:50 a.m. ET) and CoinGecko (12:38 a.m. ET), November 6, 2026
Price, not panic
CoinGecko showed ether down 8.3% and bitcoin down 6.2% in 24 hours at 12:38 a.m. ET. Lido holds almost only ether, and its value fell a little less than ether itself. WBTC fell a little less than bitcoin. That points to deposits staying roughly flat, with the price doing the damage. The two data sets use slightly different time windows, so this is a rough comparison.
Lending protocols such as Aave and Morpho fell less because they also hold stablecoins, which kept their $1 value.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the TVL drop mostly reflects lower prices: these numbers show no sign of a rush to withdraw, though daily TVL cannot rule out smaller outflows.
- The seven-day figures, still positive for Lido, Aave V3 and Morpho Blue, support that reading.
- The real stress test for lenders is liquidations, which happen if prices keep falling, so the next moves in ether matter most.
What's next
- Whether Lido's ether deposits change over the week
- Aave and Morpho liquidations if ether drops further
- Ether price near $2,200
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
