Despite deleveraging in February, on-chain activity remained resilient as capital and user engagement shifted toward more efficient networks and primary settlement layers. Ethereum's transaction fees grew significantly and transitioned from net outflows to becoming a primary destination for capital inflows, consolidating its position in the high-value asset space, while Arbitrum became the primary source of capital outflows. Solana continued to dominate high-frequency trading, but the value per transaction declined. The report indicates that the market is in a mid-cycle rebalancing phase, with capital concentrating on networks with higher certainty, and institutional DeFi is emerging as a sustainable core development direction.