I noticed an interesting trend in the market – over the past few months, DeFi protocols are dropping like leaves in autumn. We're talking about more than ten projects that simply shut their doors. The reason is straightforward: users leave, funds run out, and not everyone manages to adapt to the new conditions.

Here's Angle – seemingly a serious project with stablecoins EURA and USDA, with $250 million in TVL. But even that didn't save them. They explicitly stated: the decentralized stablecoin sector has changed dramatically, and they no longer see a foothold. Honestly, at least.

Polynomial went through $4 billion in trading volume but hit a liquidity wall. In the derivatives market, this is critical – if there's no flow, the project simply suffocates. MilkyWay tried to jump between different strategies, catching waves, but never found a stable niche.

All this points to the main problem in the DeFi sector right now. Projects lack not just a good idea or even decent TVL. They need liquidity, adaptability, the ability to change with the market. Those who can't provide this are falling out. It's a harsh filter, but that's how the market works.