honestly, it's wild watching people explain away the capital rotation to CEXes and RWAs as just market cycle dynamics. they are missing the actual structural shift. open-source bytecode went from being DeFi's greatest strength to a fatal vulnerability. we have AI exploit agents spinning up to scan every smart contract on chain. it costs them literally $1.22 to reverse engineer a contract and hunt for vulnerabilities at scale. you can't justify chasing a 5% yield when you have to price in the permanent risk of autonomous bots reading your public code 24/7. capital is retreating to closed-source venues simply because they don't have public bytecode for AIs to rip apart. the risk model changed overnight. the risk premium on open-source finance is broken. until on-chain defense scales to match on-chain offense, the bleed isn't stopping.