A significant portion of the early-stage Total Value Locked (TVL) in crypto protocols is incentivized.

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DeFi has evolved to the point where it is being embedded into institutional finance.

The Permissionless conference was disbanded because its original focus, DeFi, became integrated with institutional finance.

Robinhood integrated DeFi protocols Morpho and Maple to offer lending and borrowing services.

In a typical TVL deal, a venture capital firm deposits capital into a protocol to inflate its TVL in exchange for extra tokens.