Today in DeFi, there's a bit of a contrast—DEXs didn’t see a volume explosion, and Perps didn’t suddenly take off either. But the amount of USD on-chain keeps growing. The total stablecoin market cap is around $306.6 billion, up +0.54% over the past 7 days. Looking at @protocol_fx: fxUSD is about $882.1 million, up +5.72% in 7 days and +25.76% in 30 days. I’m increasingly convinced that the next phase of DeFi isn’t about who can bring more money on-chain. It’s about what happens after the money is on-chain—who can make it work harder. Stability, yield, collateral, leverage, trading. fxUSD ➡️ fxSAVE ➡️ fxMINT Individually, they’re just products. But when connected, they start to look like a financial system. Trends will rotate, but money won’t stay idle for long. FXN DeFi @VitalikButerin