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DeFi is not dead, it has only undergone integration and upgrades.
Compared to the liquidity mining ecosystem in 2021 and 2025, it is clear that the true flow of capital is undergoing significant changes.
Aave's performance is the most representative—growing from approximately $26 billion in TVL to $55 billion, nearly doubling. What does this indicate? The core value of lending protocols has never become outdated. Amid the reshuffling of the entire DeFi ecosystem, Aave has demonstrated its competitiveness with data.
Meanwhile, former leading projects like Curve, Compound, Convex, and participants in stablecoin ecosystems such as Anchor are also undergoing repositioning. Some have fallen silent, while others have found new survival spaces. This is not a sign of DeFi's decline, but rather a reflection of market rationalization—capital is reassessing, risks are being reallocated, and inefficient liquidity is gradually flowing to more valuable protocols.
The true winners are those protocols that solve real problems and can maintain resilience across multiple market cycles. The DeFi ecosystem in 2025 is more refined, not weaker, than in 2021.