Now let’s reason through this together. The most important thing for a DeFi protocol is the presence of permanent capital that is productive, driving income and profitability. To achieve this, DeFi must have strong holdings of Ethereum, Solana, and other major coins, alongside a significant presence of stablecoins. The presence of smaller coins in DeFi offers little to no meaningful contribution to its productivity. New DeFi projects often attract capital and users by offering high yields and generating interest through airdrops. However, this borrowed capital typically departs shortly afterward, leaving the DeFi project dead and inactive. Now let’s turn to the critical point: Due to DeFi hacks over the past three years, capital has come to view investment in DeFi as risky. In particular, owners of tokenized Real World Assets (RWAs)—such as equities and funds—prefer to keep their assets on-chain. Despite the potential for returns, they still avoid investing directly in DeFi. Looking at recent hype-driven projects, it’s not the DeFis with rising TVL that are gaining attention—but rather those that have created appeal for RWAs, driving up their own TVL as a result. Therefore, our focus must be here: Is this financial project backed by RWA TVL? And if so, is that capital static and passive—or is it productive capital?