Katana's TVL has continued to grow in the past few days, rising from $208 million to $715 million, with stablecoin deposits of $465 million. Part of the growth is mainly driven by the activities of Binance and OKX exchanges, with Binance's 50 million KAT prize pool and OKX's 65 million KAT prize pool continuing until March 17th. In the current market situation, funds themselves are also more actively seeking stable returns. There have been some signs of recovery in the demand for on chain lending recently, such as the active loan scale of Aave and Morpho remaining in the high range. @Katana chose to use Morpho as the core lending layer, which also has its own advantages: The vault+vault mechanism of Morpho (such as Steakhouse and Gauntlet managed vaults) can make the risk, parameters, and return structure clearer, and the fund efficiency higher. This is also why many stablecoin liquidity will prioritize entering these vaults. These funds are heavily concentrated in the liquidity framework of Morpho+core vault. In a sense, this can also be considered a real stress test: If funds are really imported into the same DeFi structure, can it operate stably. What's really worth watching next is actually only one thing: How much of these liquidity will remain after the reward period ends. I've been keeping an eye on the financial management bureau lately, and things like Katana have a relatively high safety margin and have become exponentially involved. The level of participation depends on individual choice, but each one needs to be carefully studied and researched.