DeFi yields plummeted as demand for borrowing and leverage collapsed during the crypto market downturn. Meanwhile, bond yields in traditional finance (TradFi) rose significantly as the Federal Reserve Bank jacked up interest rates to the highest level since 2007 to combat rampant inflation.
This year, a slew of new entrants such as OpenEden, Ondo Finance and Maple Finance released blockchain-based Treasury products targeting sophisticated investors, digital asset firms and decentralized autonomous organizations.
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