#DeFi生态发展 Framework Ventures's insights are worth paying attention to. The reshuffling of the market by 2025 has essentially been completed, and the narrative of Meme coins and low-liquidity high-FDV projects has been shattered—this is an inevitable clearing process.

The real signal lies in the expectations for 2026: institutional funds will continue to flow into DeFi blue-chip projects. The logic behind this is clear—only protocols with a reasonable value capture mechanism can support institutional-level capital. Stablecoins, RWA, lending—these sectors are fundamentally about infrastructure building, and the ceiling for capital accommodation is entirely different.

From an on-chain data perspective, this means token distribution will become more concentrated, and the revaluation of mainstream assets is underway. The rebound opportunities will indeed be highly concentrated, demanding extremely precise selection—not all DeFi projects will attract this wave of institutional buying.

What to watch for is: who is continuously repurchasing, whose financial patterns are strong, and whose revenue structures are clear. These are the projects that can sustain long-term institutional allocations. Short-term emotional fluctuations are actually noise; the key is to track the actual positions flow of whales and institutions.