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10x Research: The DeFi cycle may have quietly started in 2026, with capital reconfiguring its layout.
The current crypto market is undergoing significant changes, with US regulation becoming clearer and a large migration of stablecoins to Ethereum. Capital is accumulating rather than being traded, indicating that the market may be entering a new phase of DeFi. Stablecoins on Ethereum have surged since Trump's election, signaling future strategic positioning.

