The crypto market recovery is expected to be broad-based with decentralized finance (DeFi) leading the charge, broker Bernstein said in a research report Monday.

“We expect a big bang DeFi recovery and the investor narrative to come back as the future of blockchain finance,” analysts Gautam Chhugani and Mahika Sapra wrote.

Bernstein notes that six out of the top ten revenue-generating protocols are DeFI applications. These are Uniswap, Aave, Maker, GMX, Synthetix and Sushi.

“DeFi’s folly last cycle was the game of unsustainable yields that came crashing down,” the authors wrote, adding that the epitome of unsustainable DeFi was the Luna stablecoin, which subsequently collapsed.

A stablecoin is a type of cryptocurrency that’s typically pegged to the U.S. dollar. DeFi is an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.

What’s different this cycle is that the yield is real, the report said, and with regulatory clarity, it would not be surprising to see global asset managers considering a possible DeFi exchange-traded fund (ETF) and active DeFi funds, the report said.

Uniswap is the largest decentralized spot exchange. “At today’s run rate, Uniswap on an annualized basis could have revenues crossing $1b,” the report added, noting that the UNI token already has a floating market cap of $9.3 billion.

Read more: Ether’s Bitcoin Beating Rally Not Just Because of Potential ETF Approval: Bernstein

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