Messari's report introduces an interesting concept called 'Capital Productivity.' The main idea is: the funds deposited into DEX/Perp are no longer sitting idle but can simultaneously generate returns. GRVT serves as a prime example. In regular DEXs (like Uniswap, GMX), most of the margin funds are idle; but in GRVT, the same funds can be used for trading positions while automatically earning interest (up to 11% APY). One of its core innovations is the Yield Layer + One Balance: after depositing USDT, the idle portion is automatically re-collateralized into DeFi protocols like Aave to earn real yields, making trading margins truly 'active'—betting on market directions while passively earning money. This design effectively boosts capital retention: TVL has grown from $58.8M at the start of the year to $80.4M (YTD +36.8%); OI has increased from ~$294M to $451M (YTD +53.4%), peaking at $560M; daily trading volume in 2026 is projected to stabilize between $650M–$2.6B, showing a counter-seasonal growth trend during the market lull in Q1 this year.