#MSCI未排除数字资产财库企业纳入范围 Recently, the DeFi market has experienced significant adjustments, with several new public chain ecosystems facing severe retracements. According to on-chain data, the TVL of a certain emerging stablecoin chain has fallen to just $29,000, a sharp contrast to its previous multi-million level, with a staggering decline. Meanwhile, the locked-up amounts on new public chains like Eclipse and Berachain have evaporated by over 95%, and ecosystem participation has dropped significantly.

In comparison, Ethereum and Solana have also experienced 20-30% adjustments, but due to their large user base, rich ecosystem applications, and solid foundation, their risk resistance is markedly stronger. The declines of these two established public chains more reflect market cyclical fluctuations rather than fundamental collapse.

Historically, the crashes of LUNA in 2022 and the FTX explosion have left deep lessons for the industry. Currently, the enthusiasm for DeFi within the Bitcoin ecosystem has rebounded, but caution is needed regarding short-term speculative risks. Every market cycle features concept hype, capital inflows and outflows, and project teams cashing out, so ordinary investors need to stay alert.

In the face of such market conditions, a deep understanding of the real data of each public chain—including TVL trends, active addresses, and on-chain transaction volume—is key to avoiding risks and seizing opportunities. Do not be fooled by superficial prosperity; choosing mainstream public chains with stable size and healthy ecosystems is a wiser choice.