@yvochzne
Liquidity is increasingly migratory in 2025, flowing toward ecosystems with incentives and yields. This creates existential risk for older chains, whose TVL collapses as liquidity flees. Abandoned chains face shrinking developer activity and weak security budgets, accelerating decline. Cross-chain migration is healthy for efficiency but destructive for legacy ecosystems. For investors, this creates both opportunity and risk: spotting where liquidity is leaving and where it is arriving becomes a key edge. The survival of older chains hinges on retaining communities, not just capital.
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