DeFi total value locked (TVL) fell broadly in Q1. Network revenue hit its lowest level since 2022. But applications kept capturing value. DEXs kept gaining share. And HIP-3 markets grew 7x in a single quarter. Risk-off sentiment met structural progress. Full DeFi Quarterly ⬇️ http://ark-invest.com/crypto-reports/defi-quarterly-q1-2026(ARK Invest)