DeFi’s TVL Theatre Is Performative and More and More People are Starting to See

Ethereum's DeFi TVL share has fallen to 53%, with Solana and BNB Chain gaining ground, revealing a potential issue with capital efficiency in the DeFi industry. The industry's reliance on total value locked (TVL) as a measure of success may be misleading. DeFi protocols are deploying incentives to attract capital, but this may not lead to productive activity.