Cryptocurrencies
DeFi Shakeout Seen as Liquidations Lead to Crypto User Exodus
- 80% of the decentralized apps could go away, DappRadar says
- Nearly $300 million liquidated in last week: Dune Analytics
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The recent meltdown in the digital-asset world has been especially hard on DeFi or decentralized finance, the embryonic sector that had surged in value since being touted as the future of finance less than two years ago.
While Bitcoin’s 50% decline from an all-time high reached in November has captured most of the headlines, many of the tokens used in DeFi protocols such as Aave, Compound and MakerDAO have been hit even harder in recent weeks as the sector is beset by liquidations, developer departures and a user exodus.