It depends on what you measure. Total value locked across DeFi has been volatile this year, moving between roughly $70B and $140B at different points, while daily decentralized exchange volume has kept climbing even when TVL dipped. The bigger story is that stablecoin supply (around $300B+) now dwarfs DeFi TVL, meaning most on-chain dollar activity is shifting toward payments and settlement rails, not just lending pools. Developcoins...! Email: sales@developcoins.com