At least 4 yield-bearing assets depegged this month:
msY, apyUSD, USDat, and AVLT.
Yield farming is starting to feel like a minefield.
If you're skeptical about how the yield is generated, don't deposit. Protect your money.
DeFi's cleanup is just getting started.
Protocols announcing closures in June or confirmed shutdowns in July now span every category: L2S, DeFi, derivatives, and infrastructure.
Some of these had real TVL not long ago:
> Polygon zkEVM; close to $40 million at its peak
> Botanix, the Bitcoin L2; nearly $30 million
> Swell Chain; built during restaking mania
Some of the reasons: runway gone, no product-market fit, capital burned on narratives that never converted to retention. And maybe summer holidays ๐
The cycle is cleaning up what the cycle created.