As a blockchain analyst steeped in MIT’s rationalist tradition, I’ve watched the DeFi landscape transform. With SEC regulatory shifts and institutional capital flooding in, HTX Research’s latest data reveals how EVM, Solana, and RWA protocols are replacing collateral-heavy models with on-chain credit systems. This isn’t hype—it’s architecture. I map the shift from speculative yields to structured, compliant DeFi—where smart contracts now act as the new balance sheet.