Decentralized finance is going through one of its worst phases since 2022. According to CryptoRank data, DeFi TVL has dropped by 39% since the beginning of the year. It went from 115 billion dollars in January to about 70 billion in June 2026. In six months, nearly 45 billion dollars of capital have thus left the DeFi ecosystem. This hemorrhage raises a fundamental question: is this a cyclical crypto correction or a deeper structural signal?