The decentralized finance (DeFi) world has for a long time been a haven for investors seeking yield, providing all sorts of options and opportunities to earn returns on their capital. Yet, as the DeFi ecosystem has matured, it has revealed some significant changes in the yield-bearing asset landscape. Over the past year, the largely stable market for stablecoin yields has experienced a sharp drop-off, while other yield-bearing sectors in DeFi are finding their legs. And still, in this environment of seemingly less-appealing yield prospects, the total value locked in DeFi (TVL) keeps inching upward. So, what’s going on here? Unpacking
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