Decentralized finance (DeFi) is a relatively new phenomenon in the world of finance, but it has already made a significant impact on the financial system and has the potential to revolutionize the way that financial services are provided and consumed. DeFi refers to financial applications and services that are built on blockchain technology and operate in a decentralized manner, without the need for intermediaries such as banks. Since its inception, DeFi has grown exponentially, with the total value locked in DeFi protocols reaching over $100 billion in 2021. Since all time highs, DeFi total value locked (TVL) has retraced back to $42B in circulating value at the end of November 2022.