Spotted Reya pulling roughly $20M in open interest and $25M+ in total value locked on the data dashboard. That's when it hit me—what exactly are we looking at here?

Is this capital moving fast through, typical trader activity flowing in and out? Or are we witnessing something stickier, a genuine foundation layer actually taking shape?

That's the real question. Because the answer changes everything about how you interpret what's happening on-chain. Fast liquidity tells one story. A durable capital formation tells another entirely.

The distinction matters. One is momentum. The other is architecture.