In the ever-evolving world of decentralized finance (DeFi), keeping track of where the money flows can reveal a lot about emerging trends and investor priorities. A recent tweet from @0xngmi, a prominent figure in the DeFi space known for building transparent dashboards at DeFi Llama, highlights a significant reshuffle in Total Value Locked (TVL) across various DeFi categories between the 2021 bull cycle and today in 2025.

TVL, for those new to the term, stands for Total Value Locked—it's essentially a measure of how much cryptocurrency is deposited into DeFi protocols, indicating their popularity and usage. Back in 2021, during the height of the DeFi summer, the top categories by TVL were dominated by decentralized exchanges (DEXs), lending platforms, collateralized debt positions (CDPs like those in MakerDAO), yield farming protocols, and bridges for cross-chain transfers.

Fast forward to now, and the landscape looks quite different. Liquid staking has skyrocketed to the top spot, allowing users to stake their assets (like ETH) while keeping them liquid for other uses—think earning rewards without locking up your funds completely. Lending remains strong in second place, providing borrowing and lending services without traditional banks. Bridges hold third, facilitating seamless asset movement between blockchains. Restaking, a newer innovation where staked assets are reused to secure additional networks for extra yields, comes in fourth. DEXs, once the kings, have slipped to fifth, though they're still crucial for trading everything from blue-chip cryptos to the wild world of meme tokens.

This shift isn't just numbers on a chart; it reflects broader changes in how users interact with blockchain tech. For meme token enthusiasts, this is particularly interesting because many memes launch and trade on DEXs like Uniswap or Raydium. However, the rise of liquid staking and restaking could open new avenues—imagine staking your meme holdings to earn yields while still being able to trade or use them elsewhere. Protocols like EigenLayer for restaking are making this possible, potentially boosting liquidity and utility for even the most whimsical tokens.

The tweet sparked some engaging replies, with users debating the efficiency of DEXs and predicting future narratives like intent-based bridges or gasless accounts. One reply noted how capital is moving toward more productive uses, away from inefficient liquidity pools. It's a reminder that DeFi is maturing, prioritizing capital efficiency and real yields over hype-driven farming.

As we navigate this cycle, keeping an eye on TVL trends can help meme token traders spot where the smart money is heading. Whether you're farming yields on a restaking platform or swapping memes on a DEX, understanding these shifts can give you an edge in the chaotic crypto markets. For the full thread and community insights, check out the original post on X.