Defying expectations: After an uncertain year, DeFi has high hopes for 2023
DeFi had several key moments through 2022, but how is it expected to evolve in 2023?
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Decentralized finance (DeFi) is defined as any product or service offered by the Web3 world that helps users conduct financial activities such as payments, borrowing, lending, investing, trading and staking.
Several Web3 use cases, including DeFi, GameFi, SocialFi and nonfungible tokens (NFTs), emerged through the last bullish cycle. DeFi has been the largest market cap activity within Web3, with a peak total value locked (TVL) of over $175 billion at the peak of the 2021 bull market.
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