Something's Close to an ATH But It's Definitely Not What You Think

A particular sector of DeFi is growing rapidly while others reach multi-year TVL lows.

With crypto market apathy in full effect, decentralized finance activity has plummeted across the board in 2023 – all but in one sub-sector.

Staking is when crypto users temporarily lock away their coins within the blockchain to secure the network while receiving periodic crypto rewards in return. From an investor perspective, it is similar to lending out one’s assets to borrowers for a variable interest rate – though its generally considered less risky.providers make staking more accessible for layman users for a modest fee.

Ethereum is the big difference maker: After transitioning to proof of stake in September 2022, assets deposited within its staking contract have more than doubled to 29.4 million ETH . Essentially, now that the merge has occurred, staking is much more attractive now.” a Nansen data journalist told CryptoPotato via DM. “Depeg risk [is] not a big issue now if users are able to withdraw their staked ETH.”defi protocol is stablecoin provider MakerDao, which holds $5 billion in assets. That’s lower than the $6.5 billion it held shortly after FTX’s collapse, which cratered asset values for crypto locked within the protocol.

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