@solsticefae
He explained that when BTC and ETH rally, “collateral values balloon, and suddenly every protocol’s TVL chart looks like it’s on steroids.”
However, Colkitt explained that this cycle is different: “TVL isn’t just hot money chasing ponzis,” he said. “Real products like RWAs, LSTs, and perps are pulling sticky capital back into DeFi. That’s a structural shift, not just a sugar high. If TVL is the scoreboard, then Q3 shows DeFi’s back in the game."
This latest surge builds on strong momentum from Q2, when TVL in DeFi climbed from $86 billion in April to over $126 billion by mid-July – a more than 46% increase in just three months.
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