**Yield Announces Closure Due to Regulatory Environment and Low Demand** 🚫💼
Cryptocurrency lending protocol Yield has officially declared its decision to cease operations by the end of this year, specifically on December 31. The primary reasons cited for this move are the increasingly strict regulatory environment in the U.S., Europe, and the UK, as well as a lack of demand for the fixed-rate loans the platform offered. Despite discontinuing its operations, Yield maintains optimism about the future of decentralized finance (DeFi).
According to Blockworks, the DeFi total value locked (TVL) has seen a significant decline, dropping by 75% from $320 billion in 2021 to less than $80 billion currently. This downturn has led to an increasing number of smaller-scale DeFi projects deciding to cease their operations.