A very strange phenomenon on the blockchain:
Many L1/L2 chains with high TVL rankings have recently reached new all-time highs (ATH), but there haven't been many on-chain opportunities or widespread wealth creation effects.
Among the top 15 public chains by TVL, nearly half (7/15) @solana / @Plasma / @base / @arbitrum / @SuiNetwork / @LineaBuild / @katana have all reached ATH.
Am I in an information bubble again?
An interesting observation:
From the data perspective, the current on-chain funding frenzy has not yet reached the levels of the last bull market.
According to Defillama data, the peak on-chain TVL during the last bull market reached $175.6b, while the on-chain stablecoin market cap was only $140b at the same time, giving a ratio of 1.25. This indirectly indicates that stablecoins were highly active in DeFi, with almost no idle stablecoins on-chain;
In contrast, looking at the data from the ongoing bull market, the on-chain TVL has reached $160b, nearly approaching the peak of the last bull market; however, the on-chain stablecoin market cap has soared to $292.8b and is showing a trend of continuous ATH;
What does this indicate?
A large amount of stablecoins have flowed onto the chain but have not fully participated in the DeFi ecosystem, all waiting for the right moment to act.
There is a potential $130 billion gap in DeFi demand, so please raise your imagination a bit more about this bull market.
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