Recently, the market has taken a breather, and I came across an interesting data point—the TVL of a certain neutral strategy vault has quietly approached the $1 million mark.

This growth pattern is quite counterintuitive. It doesn’t rely on high APYs to attract attention, nor does it aggressively issue tokens to incentivize users. Instead, it relies on the most straightforward mechanism—sticking to the logic of a single-market neutral vault, capturing real profits through arbitrage spreads and funding rates, and stacking these gains. No flashy marketing, no hype around concepts—just pure mechanism-driven growth.

Such a growth curve is actually more worth paying attention to. Projects that shout and attract followers everywhere are common, but those that truly accumulate users and funds through product mechanisms are rare. Perhaps this is the kind of project that the DeFi ecosystem needs more of.