DeFi’s total value locked (TVL) was valued at $700 million at the start of 2020 and surged to $250 billion by the end of 2021. This week DeFi TVL sits at $110 billion, 56% down from all-time highs and at similar levels to July 2021. The nascent DeFi space has never experienced a full-on crypto winter and with declining yields on stablecoins and other assets, the spaces’ most active users are starting to question the sustainability of DeFi yields.
Rendeman nan DeFi yo sòti nan demann pou ogmante nan komèsan ak envestisè, ansanm ak aktivite sou pwotokòl yo jenere koule lajan kach atravè frè. Kòm mache a te ralanti nan dènye mwa yo, komèsan komès ak demann lan pou ogmante yo te tonbe.
Menm patisipan ki pi riske nan mache yo kanpe la epi kite pousyè tè a poze, plis enpak sou aktivite a sou pwotokòl yo ak frè yo pwodwi pou sibvansyone pwodiksyon an pou pretè yo. Valè kolateral prete yo tou te tonbe kòm pri byen yo te tonbe. Sa a te lakòz yo te oblije itilize pi gwo kantite maj pou detant pozisyon levye yo pou evite yon lòt evènman aksidan 12 me.
Yon lòt eleman ki afekte siksè DeFi se konfyans nan pwotokòl yo ak byen yo fèmen nan yo. Enplozyon UST a te mennen tou nan likidasyon DeFi kraze maksimòm tout tan nan mwa me ak disparisyon Anchor Protocol ki te kontribitè prensipal la ak $ 1.05 milya dola nan total $ 1.12 milya dola. Li sanble ke sa a te lakòz jwè Yo Vann an Detay ak pi gwo enstitisyonèl yo repanse estrateji sede yo ak re-evalye prim risk k ap diminye sou stablecoins ak platfòm jenere rannman.
With the DeFi total market cap having retested the 200-week moving average and DeFi yields dwindling, will today’s DeFi protocols fail to survive their first crypto winter? Or are we simply entering a cool off period before a new round begins?