Look at @OstiumLabs, I rarely focus on TVL first.
It's not that TVL is useless, but its explanatory power here is really limited.
What truly makes me stop and think is the trading volume structure, especially the source of open interest (OI) — in a derivatives protocol, 95% of OI comes from traditional assets, which itself is very telling.
This structure can't be faked, nor can it naturally form during airdrop periods; fundamentally, it's about filtering users:
Some use Ostium not for on-chain sentiment betting, but for real-world judgments outside crypto—like interest rates, indices,
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