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TVL used to be a quick metric for evaluating DeFi projects, but to be honest, most of the time it's just money lying around.
Surface data can be exaggerated, but if there's no real trading activity backing it up, this number is actually hollow and inflated.
Market participants are now shifting their focus to more practical things—utilization and trading volume. The real question is: are these collateral assets actually working? Is liquidity being used efficiently? Or is it just looking good on the books?
This reflects the maturity of the entire ecosystem—from chasing numbers and land grabs to focusing on actual economic activity.