Recently, the total value locked (TVL) in DeFi protocols has been on an upward trend, drawing market attention to the arrival of a new Summer cycle. According to Chainalysis data, since the low point in March this year, the total value locked in DeFi protocols has increased by more than 50% in cumulative terms. Specifically, TVL hit a peak in May, then dipped slightly afterward, but has started to rise again in recent weeks. From a macroeconomic perspective, U.S. CPI has remained at high levels, and expectations for further Federal Reserve rate hikes have intensified, leading some investors to seek assets with higher risk. As one of the options, DeFi protocols naturally attracted more capital inflows. In addition, the recent increase in fund flows into the DeFi space via ETFs has further boosted total value locked. From a technical standpoint, on-chain data shows that both user activity and trading volume for DeFi protocols have risen significantly. Ethereum’s daily trading volume reached an all-time high in May, and other public chains such as BSC and Polkadot show similar patterns. However, we should also note that the DeFi market is not without risks. First, the current market environment is highly volatile, and investor sentiment is easily affected; second, some DeFi protocols contain

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