Dharma Insights — Operational№ 146 · Web3
← The Signal№ 146 · Web3 · November 21, 2025 · 1 min read

DeFi speculative

DeFi is no longer a speculative playground—it’s emerging as a core financial utility. The shift is clear: Speculation $\rightarrow$ Institutional Collateral + RWA Credit. Staking (LSTs/Restaking) now dominates TVL, providing…

DeFi is no longer a speculative playground—it’s emerging as a core financial utility.

The shift is clear: Speculation $\rightarrow$ Institutional Collateral + RWA Credit. Staking (LSTs/Restaking) now dominates TVL, providing the secure, capital-efficient assets required for real-world finance.

Look at the revenue: Uniswap, Raydium, Jito, Base Sequencers.

These are not "memes." They are concrete, cash-producing, fee-generating digital economies.

This is the dawn of the Digital Economy Civilization.

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