I no longer trust TVL alone. I check whether the TVL is sticky or mercenary. If rewards stop and TVL collapses, the protocol isn’t durable. Real value stays even after incentives shrink.
XRPUSDT
Perp
1.3996
-1.88%
FOLKSUSDT
Perp
1.408
-2.83%
ASTERUSDT
Perp
0.6509
-1.15%