最新报道:Ether hit a new all-time high of $4,946 this week, but DeFi TVL remains at $91 billion, far below its November 2021 peak of $108 billion. In ETH terms, just 21 million tokens are locked, down from 29.2 million in mid-2021. Layer 2 networks like Base, Arbitrum, and Optimism are absorbing liquidity, while capital-efficient staking protocols reduce bulk deposits. Analysts note that institutional ETF inflows—not retail DeFi activity—are driving this cycle, leaving on-chain engagement weaker than in previous bull markets.