Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized finance projects with sky-high returns.
The crash has occurred in two large crypto slices, $94 billion lost during the collapse of the LUNA project - involving failed stablecoin TerraUSD - and another $30 billion in mid-June, said Glassnode, which attributed the falls to diminishing risk appetite. In a further sign of the slowdown, ether - the token that underpins the ethereum network on which many DeFi protocols operate - last week dropped to its lowest level against larger peer bitcoin in 14 months
"I expect users to demand more transparency if their assets are managed in DeFi space," said Iakov Levin, CEO of crypto investment platform Midas Investments."Crypto needs to find a more transparent model of retail yields."
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