DeFi Growth Faces Obstacles: The current total value locked (TVL) remains at approximately $140 billion, similar to the beginning of the year, far below the company's initial optimistic expectation of $300 billion. Security vulnerabilities and hacker incidents have become the main obstacles limiting capital inflows.

Layer 2 Highly Concentrated: The funds on Ethereum Layer 2 networks are highly concentrated, with the three giants—Base, Arbitrum, and Optimism—accounting for as much as 83% of L2 DeFi TVL.
RWA Scale Surges: The scale of tokenized assets on public blockchains has reached $31 billion (of which U.S. Treasury tokenization accounts for about $15 billion); while on institutional permissioned networks (such as Canton), the scale of tokenized assets has surpassed an astonishing $350 billion.