Mixed thoughts on market sentiments recently, but zooming out, I think there's still so much room for upside. DeFi's TVL stands at ~20% from ATHs of $175B back in 2021 when the landscape was less mature than what it is today. Looking at leading protocols of the current season: 🔹 Restaking infrastructure pioneered by @eigenlayer unlocking shared security as a modular layer 🔹 @ether_fi as the 5th largest emerging from Eigen's ecosystem maturation 🔹 @pendle_fi's yield tokenization that saw market fit → solidifying how DeFi's secondary composability on yield primitives has a significant market fit 🔹 @ethena_labs USDe that led the yield-bearing stablecoin meta with its innovative delta-neutral model ATH $7.73B TVL *now leading the institutional forefront with Converge 🔹 @babylonlabs_io's ecosystem signifying a new primitive for BTC-Fi related shared security None of these even existed during the 2021 run. And this isn’t accounting for the next wave: the one powered by institutional adoption + external capital inflows from CeFi & TradFi rails. In fact, we’re already seeing early signs: 🔸@baseapp with the rebranding targeting broader retail adoption with simplified UX 🔸@RevolutApp investing over $1B into crypto-native banking infrastructure 🔸 @stripe with strategic acquisitions ($1.1B on @Stablecoin & recently @privy_io) 🔸 @PayPal to roll out cross-border crypto payments & global commerce to a $3T market 🔸Mantle’s @URNeobank anchoring full-stack crypto-native finance with incoming tokenized index funds (MI4) and many many more... Here's the point: Fundamentals are accelerating outside DeFi’s old confines. The growth curve is widening & imagine all at once, everything. We're going so much higher 🫡 h/t @DefiLlama for the data references