Do you remember the project that hosted a big party at Token2049 in Singapore last year? It was indeed glamorous at the time, with nonstop parties at Marina Bay and full of excitement.

But now? The situation has reversed. From a peak TVL of $3 billion, it has fallen to less than $200 million. The on-chain total lock-up of $184 million, compared to its former scale, is truly bleak.

What’s even more heartbreaking is the revenue. During good market days, the total daily income across the entire chain was only a few thousand dollars. This figure is really not competitive in the DeFi space.

From a bustling scene to declining data, the cycle is really fast.