Doge Looks at the Data: The Current Liquidity Trend Is a Contraction, Not a Broad Rally. DeFi TVL: $79.86B, down 10.9% over 30 days, down 28.9% YTD. Clear deleveraging: CDPs -27.6%, LSTs/re-staking -13.6%, lending -8%. Capital is flowing out of spot/deposits toward derivatives (perpetuals stabilizing) and yield-generating products. Old chains losing liquidity: ETH stablecoins -$10B, SOL -$1.23B. New stablecoin chains gaining: Arc +$767M, Tempo/Plasma also rising. Uniswap v4 now accounts for half the volume of v3, but native Hook project TVL remains only $33M—still narrative-driven. Relative strengths: Base maintaining trading fees, new stablecoin chains, yield/ treasury products. Defensive posture—DYOR. Data as of 11-09 from DefiLlama.
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