Market conditions right now are pretty uniform overall—most exchanges are contracting, TVL is declining, and reduced user activity has become the norm.

But @grvt_io's trajectory is a bit different. Rather than fighting the downturn, it's gradually moving upward. TVL is consistently holding above $100M, which is quite rare in the current environment.

What's even more noteworthy is the structural change, not just the scale. Its trading volume has already accumulated to $200B, and open interest is continuously increasing. Looking at these two data points together, it indicates that the capital isn't just passing through temporarily—it's forming sustained trading activity inside the platform.

Put simply, it's not just money flowing in; this capital is being used repeatedly, running strategies.

One thing I'm particularly focused on is that this activity isn't driven by short-term incentives. Many platforms right now still rely on subsidies to maintain their metrics, but Grvt looks more like users are actively using the product itself—trading, earning yields, and keeping their capital in a more efficient environment.

Once this usage pattern forms, user stickiness becomes much stronger than incentive-driven engagement.

Another shift is happening at the perception level. Recently on Twitter, you can see more and more traders mentioning it, and it's not coordinated messaging—it's genuine sharing based on their own experiences. This kind of organic spread is actually healthier and much harder to fake.

In an overall cold market where most projects are just waiting for conditions to improve, Grvt is already starting to move ahead. For me, this ability to maintain expansion even during low-volatility phases has more reference value than explosive growth during bull markets.