Decentralized finance (DeFi), the sector of crypto that drove all the excitement this summer, isn’t quite back to its old energy, but the lull is over.

“Raw DeFi numbers are at all-time highs, and they’re not fake,” Alameda Research founder Sam Bankman-Fried told CoinDesk in an email. “But in relative terms to the rest of crypto, they’re down from their peak but up from their nadir.”

From a casual glance, it can look like DeFi is stronger than it’s ever been. Judged by the…

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