Calling DeFi dead while these numbers still exist is just lazy. → $8.2B DEX volume in 24h, $202.5B in 30d. → $50.4B still in DeFi lending, $22.64M in fees and $2.73M in revenue in 7d. → $33.76B is still borrowed across DeFi. → Onchain stablecoins are at $315.5B. → Tokenized RWAs are at $26.71B. That does not look dead. It looks like a market getting filtered. The hype is weaker. The infrastructure is stronger. Less tourism → More usage → More collateral → More cash flow → More serious capital. And the recent protocol-level signals point the same way. → @aave is being embedded into real distribution through Kraken’s DeFi Earn, while V4 is designed to make idle liquidity more productive. → @Uniswap is expanding protocol fees to more chains and more pools, pushing usage closer to direct value capture. → @LidoFinance V3 is now live with stVaults, turning staking from a single product into modular infrastructure. → @Morpho is moving further into institutional distribution through Apollo, Anchorage, and Taurus. → @pendle_fi is expanding beyond spot yield into @boros_fi, opening on-chain rate trading starting with funding rates. → @ethena is moving beyond one product into stablecoin infrastructure, with Whitelabel rails and USDtb pushing further into institutional-grade distribution. DeFi is not dead. It is maturing into real financial infrastructure.