This was just something I had been observing for a few months now... While the TVL of DeFi protocols is generally on the rise, the prices of the protocol tokens are not. e.g., AAVE is down 68% from its ATH, while TVL is up ~100%. We are in a deep structural bear market, despite the best fundamentals we’ve ever had.
$759M TVL secured by a protocol with a market cap of $60M That's DeFi in a nutshell. Maybe we should invest in the infrastructure we use, instead of the memes we flip on retail... just a thought...
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