Despite lagging in 2023, DeFi 1.0 assets are now positioned for a significant breakout. DeFi blue chips like AAVE, Maker (MKR), and Lido (LDO) are hitting all-time high revenues even as their valuations remain low. This trend is driven by several factors, including a pro-crypto U.S. landscape, ETH institutional adoption via ETFs, a stronger focus on fundamentals, and capital shifting to quality assets in a risk-off market. Project 1: AAVE AAVE has quietly doubled its total value locked (TVL) to $21 billion this year. Key metrics, such as active loans, revenue, and fees, have all shown significant growth. Despite these
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