Hey folks 👋

I’ve been spending a lot of time exploring DeFi again recently, and I can’t help but wonder — where are we headed?

On one hand, there’s definitely innovation still happening:

• Liquid staking derivatives (LSDs) are evolving

• Real yield protocols are gaining attention

• Layer 2s are making DeFi more accessible (finally, some relief on gas fees)

But on the other hand, it feels like user growth has stalled a bit. Fewer degen farming opportunities, TVL is still recovering, and some protocols are basically ghost towns unless there’s an airdrop involved.

My honest question is:
👉 Are we in a “build quietly” phase for DeFi?
👉 Or is the novelty wearing off and we’re heading toward consolidation?

Also curious — what DeFi projects or concepts are actually exciting to you right now? Are we past the food token phase and finally moving into more sustainable territory?

Would love to hear what everyone’s using, avoiding, or just keeping an eye on.

Let’s keep the alpha flowing (but responsibly). 💧📉📈