Defi protocols have begun to shift in their business life cycle with some decentralised apps (dApps) showing periods of profitability.
Total Value Locked (TVL) in Q3 was mostly flat, increasing 3% to $63 billion.
Revenues across DeFi in Q3 were $200 million, down 44% QoQ.
As predicted in our Q1 report, Layer 2 protocols are accelerating the growth of derivative exchanges.
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