Spotted an interesting data point: Looking at the numbers, the current on-chain capital frenzy is far from the level of the last bull market. According to Defillama data, during the last bull market, the on-chain TVL peaked at $175.6b, while the on-chain stablecoin market cap was only $140b at the same time, giving a ratio of 1.25. This indirectly shows that stablecoins were highly active in DeFi, with almost no idle stablecoins on-chain. Now, comparing this to the ongoing bull market: on-chain TVL has reached $160b, almost matching the peak of the last bull market. However, the on-chain stablecoin market cap has surged to $292.8b and is showing a continuous ATH trend. What does this tell us? A massive influx of stablecoins is entering the chain, but they’re not fully participating in the DeFi ecosystem yet—they’re waiting for the right moment to act. A $130 billion potential DeFi demand gap—let your imagination run a little wilder for this bull market.