this morning i checked Fluid's DEX volume for 2025 and it quietly processed $156B in trades, finishing the year as the second largest DEX on Ethereum by volume. it has a token now. the protocol itself has been live since 2018 under Instadapp, nobody acted like it mattered until the numbers got too big to ignore.
chart - @DefiLlama
I've been watching everyone write ETH obituaries for 5 months while the ETF flow data quietly flipped.
spot ETH ETFs just snapped a 5 month outflow streak. $356M net in April. $101M on May 1 alone.
ETH at $2,340 while processing a record 200.4M transactions in Q1. the price hasn't caught the network yet.
maybe the "ETH is dead" trade is the most crowded trade right now.
MegaETH launched at $0.183 FDV of $1.82B on April 30. six days later it's sitting at $0.128, down 38%. meanwhile TVL went the opposite direction, crossing $580M and flipping Monad to crack the top 15 chains.
that split tells you everything. capital is staying. traders are leaving.
the question now is whether $580M TVL is sticky or just incentive farming. USDM is at $300M, needs to hit $500M before the next 53.3% token unlock triggers. that gap is the actual thing to watch, not the price.
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