Blockchain-based investment products that package U.S. Treasury bills, bonds and money market funds into tokens have a combined market value of $614 million, according to RWA.xyz, CoinDesk reported. DeFi yields plummeted amid the cryptocurrency market downturn as demand for lending and leverage plummeted, according to CoinDesk. Meanwhile, bond yields in traditional finance (TradFi) rose sharply as the Federal Reserve raised interest rates to the highest level since 2007 to tackle inflation. This year, protocols such as OpenEden, Ondo Finance, and Maple Finance released blockchain-based treasury products, targeting sophisticated investors, digital asset firms, and decentralized autonomous organizations.