Yes, most of the DeFi projects are currently at big red but, I think the DeFi trend is still far from over. I am seeing so many DeFi projects coming out of the blue and raising a crazy amount of money which tells me DeFi still has a lot of juice left.
Look at the decline in gas prices on the Ethereum network. In recent months, gas prices have dropped significantly. This may indicate a decrease in trading volumes on the Ethereum network. And this can only happen due to a decrease in interest in DEFI projects.