Looking at DeFi's growth trajectory on a logarithmic scale, the pattern becomes crystal clear: massive rallies followed by sharp corrections, and we're currently in that grinding recovery phase. The chart tells a story of three explosive phases, one devastating crash, and now the slow climb back up.

Here's the thing though—the next real surge in DeFi adoption won't ride on pure hype this time. What matters is whether we can identify a genuine capital sink that absorbs and retains liquidity. That's what separates sustainable growth from another bubble cycle. Without fresh use cases pulling in real capital, we're just rotating the same money around.