Thanks @cookie3 for putting my stablecoin rails work next to @superformxyz and @hare_xyz. Good company. One thing I’d push back on though. Attention didn’t leave DeFi. The word did. Perps, credit vaults, tokenized stocks, stablecoin rails - all of that is still DeFi, it just stopped calling itself that. When you split a category into five smaller ones, the parent category always looks like it’s dying. What actually changed is the question people ask. In 2021 it was “what’s the APY”. Now it’s “who settles, on which chain, for whom, and how much of that is real volume vs wash”. That’s a harder question and it filters out most of the crowd, which is why the mentions count dropped. I track stablecoin rails because that’s where the answer is on-chain and checkable, not because the narrative moved there. Narratives move every quarter. Settlement doesn’t.