Citi Says Crypto Market Volatility Has Affected User Adoption
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Total value locked (TVL) in decentralized finance (DeFi) has fallen in U.S. dollar terms but is stable in terms of ether. DeFi is umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries. Citi: Volatility has affected user adoption, but there are no wholesale declines in investor interest in the space. Some flows went to the more “transparent and centralized” USD coin (USDC) stablecoin, while others exited the market altogether, the bank said. These concerns have most likely compounded declines in crypto markets. Source