DeFi TVL vs. 市值 - 分歧是否正在扩大？

That's a sharp observation. I've been noticing something similar, especially with newer tokens getting disproportionate market caps compared to their actual utility or TVL. It does feel like more speculative money chasing narratives.

I think it's a bit of both. We've seen cycles where market cap gets ahead of fundamentals. But also, some DeFi innovations might not require massive TVL to generate value, so the metric itself might need re-evaluation for newer protocols.