According to blockchain data firm Glassnode, investors have lost interest in blue-chip DeFi tokens like Uniswap and Maker, which helped kickstart the 2020 bull run. This is largely due to Ethereum's new staking feature, which offers returns of up to 4% APR and less risk. Glassnode notes that the DeFi market cap is currently at just 12% of its all-time high in November 2021. DeFi projects aim to replace traditional finance by cutting out middlemen and automating processes like borrowing and lending, but they now need to compete with Ethereum's steady returns.
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