“TVL, incentives, yield-bearing products.”
Jonathan Libby, DeFi Lead at Gauntlet, used that phrase to describe what DeFi often optimizes for today — and why institutions hesitate.
ETHDenver 202...
Libby’s right about DeFi’s institutional gaps, but the priorities might flip if ETF inflows keep dominating crypto’s liquidity structure. I read a piece arguing BTC’s 2026 price action will hinge more on ETF flows than DeFi yield mechanics—almost a reversal of early DeFi narratives.
https://theboard.world/articles/bitcoin-etf-flows-price-dynamics-2026
https://theboard.world/articles/bitcoin-etf-flows-price-dynamics-2026
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