Since the chain became operational nine months ago, the total value of assets (TVL) locked by decentralized finance (DeFi) protocols within EthereumPoW’s [ETHW] has declined by 97%, data from DefiLlama showed. Following an influx of DeFi protocols to the proof-of-work network a month after it launched in September 2022, the chain’s TVL rallied to an all-time high of $6.78 million by 29 October. However, embarking on a downtrend ever since, EthereumPoW’s TVL has dropped by 76% this year alone.