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This is a section from The Block Research’s upcoming 2023 Digital Asset Outlook report.
The DeFi space contracted in 2022 as metrics including value locked, volume, and revenue dwindled on major decentralized exchanges and lending protocols, despite market leaders (e.g., Uniswap and Maker) consolidating their market share.
The collapse of a flawed algorithmic stablecoin had a ripple effect throughout the crypto industry.
The amount of funds stolen in DeFi exploits increased by half in 2022, with more cross-chain bridges getting attacked.
Footnotes
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