“As the value of Bitcoin and Ethereum appreciated, the demand for loans against them skyrocketed, prompting higher yields. But now as we grapple with fear and uncertainty in the markets, lots of large funds/whales have suffered losses,” he said. “This has caused a cascading effect on players who loaned to them. The lenders in turn are liquidating their collateral to recoup the loans, leading to a further decline in the prices of BTC/ETH and other assets. That’s reflected in the contraction of TVL in DeFi procotols in terms of absolute units of assets locked.”

https://techcrunch.com/2022/06/30/mohash-raises-6m-seed-funding-to-bring-sustainable-stable-yields-to-defi/