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Analysis: Over the past week, Decentralized Finance protocol TVL has dropped by 16%, but it is not a "capital flight".
According to Jinse Caijing, the Total Value Locked (TVL) of the Decentralized Finance protocol has experienced significant fluctuation in the past week, dropping from $140.95 billion on December 17th to $117.76 billion on December 20th, and then rising to $122.06 billion on December 26th. Meanwhile, the Market Cap of Stable Coins has remained relatively stable, with minimal fluctuation since December 1st, hovering around $240 billion. The significant difference between TVL and Stable Coin Market Cap indicates that the decline in TVL is mainly due to the depreciation of encryption assets, rather than a fundamental shift in user behavior or capital outflow from the Decentralized Finance protocol.