#美国非农就业数据未达市场预期 Where has all the money in the DeFi market gone? This is a question many people have been asking recently.

Observations show that funds are quietly changing their flow—shifting away from the old methods sustained by incentives to new tracks like liquidity staking and re-staking. This is not a coincidence but a market vote with real money.

Aave, a leading lending platform, has seen its locked collateral increase from $26 billion to over $55 billion, more than doubling. What does this indicate? It shows that the market recognizes its logic. The same story is happening with LDO, and re-staking projects like Eigen and EthFi have also attracted significant capital. The common point among these projects is clear—they are supported by genuine demand and their models stand up to scrutiny.

Conversely, what about projects that once relied heavily on incentives? Projects like Crv, Cvx, and Cake see funds withdraw immediately once incentives weaken. Entering such projects rashly in a bear market significantly increases risk.

In short, DeFi isn't cooling down; it's just becoming more differentiated. The real investors are selecting projects—those with strong blood-making capabilities, robust capital absorption, and clear business logic. During a weak market, blindly chasing small and medium projects is less effective. Instead, focus on proven top-tier projects and observe actual fund movements before making decisions. The industry now clearly exhibits a "the strong get stronger" trend.