DeFi might be quietly changing The interesting part is not that RWA is growing It’s that DeFi activity is slowing while RWA deposits are moving in the opposite direction RWA deposits reportedly grew from $2.3B to $7.4B That changes the game DeFi used to be mostly ETH → borrow USDC → leverage The next version could look more like Treasuries → tokenized onchain → collateral → borrow stablecoins → DeFi That means DeFi may not be fighting TradFi It could become the infrastructure that brings TradFi onchain And Ethereum is still sitting right in the middle of this shift The real question is not whether RWA will grow It’s how much traditional finance will eventually depend on DeFi rails This is one of the narratives I’m watching closely