Data shows the bear market has also hit Ethereum decentralized finance (DeFi) hard, as the total value locked in the sector has declined by 76%.
Total Value Locked In Ethereum DeFi Now Only Around $ 23.1 Billion
Decentralized Finance (or DeFi as it’s most commonly known) includes all types of financial services that are done on the blockchain. Like other entities on the blockchain, DeFi is public and doesn’t involve any centralized party to get things done (as transactions are peer-to-peer).