Decentralized finance (DeFi) has been hit hard by the crypto bear market, according to new data from IntoTheBlock. The blockchain analytics firm says in a new report that the total value locked (TVL) in DeFi is now at its lowest since February 2021 after approximately $170 billion in deposits left the sector. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.

The decrease in TVL is due to decreased yields and increased incidents of exploits which has prompted investors to pull back. The amount of capital invested in DeFi protocols has also continued to drop despite the market trending upwards in the last few months, IntoTheBlock says.

Unibot (UNIBOT), a new Telegram-based trading bot designed for decentralized exchange Uniswap (UNI), is one of the few bright spots in DeFi right now outside of the “blue chips.” Newer protocols like Unibot are attempting to simplify the DeFi experience by sacrificing some of the original ethos of holding your own keys in favor of convenience.

IntoTheBlock says that while established protocols are opting through low borrow costs and sustainable yields, newer protocols are attempting to simplify the DeFi experience. Though there is no clear answer as to which approach will end up being more successful, there are promising signs for both to reignite the DeFi space.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People
Companies	Twitter, Facebook, Telegram, Uniswap, IntoTheBlock, Unibot
Currencies	uniswap (uni), ethereum (eth), bitcoin (btc), unibot (unibot).
Securities