DeFi's total value locked experienced quite a ride this year. We saw it spike to multi-year highs back in October, which was pretty impressive. Sure, it's pulled back since then—sometimes significantly—but here's what matters: the baseline is sitting well above where it was last year. That's actually a pretty meaningful signal. It suggests the DeFi market is maturing beyond just hype cycles. You're seeing major protocols consolidating their positions, which is different from the wild swings we used to see. When TVL stays elevated even after corrections, it typically means real adoption and sustainable demand underneath, not just speculative flows chasing the next pump.