【The "Constructive Silence of DeFi on Ethereum Mainnet is Intentional, Not a Decline】 Many people say that there is no activity in DeFi on the Ethereum mainnet, but it's not that no one is working; rather:

The role of the mainnet has changed to "liquidation/settlement/stable state", while the real experiments are happening on L2.

Technical development is on Rollup, interactions are on L2, and settlements return to the mainnet, which is a typical manifestation of modularity.

My inference:

The TVL of $ETH is no longer a measure of value but more like the ultimate authoritative scale of on-chain status.

A decline in TVL ≠ a decline in vitality, but rather a shift in roles.

The mainnet increasingly resembles an on-chain LayerZero, bearing the function of a global consensus anchor; we should stop viewing it through outdated frameworks.