Lately, I’ve been auditing a ton of DeFi projects, and it’s hard not to notice how quiet things feel compared to the last cycle. The market’s been moving sideways forever, and even the usual hype trains seem muted. I know macro conditions aren’t great, but part of me wonders if we’re just in that weird limbo before things pick up again.
What’s everyone else seeing? Are there any signals on-chain, regulatory, or even just sentiment-wise that make you think the next leg up is closer than it feels? Or are we genuinely stuck in crab mode until some major catalyst shakes things loose? Would love to hear what’s on your radar.