A strong framing from @R2D2zen, and the closing line is one we can measure: “DeFi is splitting at the surface, but becoming more connected underneath.” In our 24 June snapshot of Ethereum mainnet, 96% of 14,607 building blocks belonged to a single connected network. Just 146 of them, the top 1%, carried 55% of all dependencies. Consumer apps and institutional rails may serve different users, but underneath they often rely on the same small group of critical hubs. That changes how risk should be understood. As interfaces become better at hiding the infrastructure, analysing risk becomes less about what the product looks like and more about the dependency map beneath it. Consumer or institutional, every position inherits the network it depends on. We explored that network in a recent series, starting with what a DeFi dependency graph actually is: https://t.co/dGluZL1iCn