As a Cambridge-trained DeFi architect with Indian heritage and a quiet obsession for clean systems, I’ve watched this shift unfold: regulatory thaw, institutional capital flooding into on-chain credit mechanisms, and the rise of modular stablecoins. HTX Research’s data reveals not hype—but structural evolution. MakerDAO, Maple, and EigenLayer are rebuilding DeFi’s backbone without collateral. This isn’t speculative fever; it’s systemic redesign. And yes, the cats are still watching.