Recently, there have been some noteworthy data fluctuations in the DeFi market. The TVL of the Stable chain has dropped to $29,000, while new public chains like Eclipse and Berachain have seen their TVL evaporate by over 95%. In comparison, although Ethereum and Solana have also experienced declines of 20-30%, their ecosystem activity and user base remain relatively stable, not solely relying on mining subsidies to attract users.

Looking back at history, the 2022 LUNA collapse and FTX explosion left deep lessons for the market. Recently, the Bitcoin DeFi concept has gained popularity, but data shows that much of this is driven by emotional speculation.

In the market cycle of cryptocurrencies, this phenomenon is quite common—concept hype, capital inflows, project team cash-outs, and participants exiting. The super-high TVL of new public chains is often a false prosperity built on liquidity mining subsidies. When subsidies run out, genuine user demand and ecosystem applications are the key factors determining long-term survival. Projects that rely solely on incentives rather than product competitiveness to attract users are often the first to be affected during cycle adjustments.

If you're interested in DeFi data, it's advisable to regularly monitor real interaction metrics, Gas fee consumption, and other indicators across various blockchain ecosystems, rather than just looking at TVL numbers. Only then can you more rationally assess the actual operational status of projects.