Capital tends to flow to where it is able to yield a higher return. As it stands now, DeFi does not offer returns that are higher than the safest traditional finance (tradFi) investment: a US government bond. The best evidence that money is leaving the space is the net flow of stablecoins in DeFi which has reduced significantly since the top in early 2022.Stablecoins net flow (source: @108capital_team)Let’s look at another chart.DeFi vs TradFi yields (source: @leptokurtic)As we can see, the r...