One thing I’ve been thinking about lately 👀

DeFi TVL has dropped roughly 57.7% from its cycle high.
At first glance, you’d assume activity across the sector is fading too.
But that’s not what the data is showing.
Perp DEXs are still pushing serious volume, with around $10.07B traded over the past 24 hours.
That feels like an important distinction.
Passive capital may be leaving the ecosystem faster than active participants…
but traders clearly haven’t disappeared.
They’re still opening positions.
Still rotating capital.
Still chasing volatility wherever it shows up.
It almost feels like the market has shifted from a “park your assets and earn yield” environment to a “stay liquid and trade opportunities” environment.
That’s a very different dynamic from what we saw in 2022.
TVL tells one story.
Trading activity tells another.
And right now, active participation seems much healthier than passive capital would suggest 👀