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10x Research: The DeFi cycle may have quietly started in 2026, with capital reconfiguring its layout.

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According to PANews on November 11, based on analysis by 10x Research, the current crypto market is undergoing a significant transformation. US regulation is gradually becoming clearer, and billions of dollars in stablecoins are migrating to Ethereum, although prices have not yet responded significantly. Data shows that capital is accumulating rather than being traded, which is often an early stage of a real cycle.

Since Trump’s election, the issuance of Ethereum-based stablecoins has surged by $48 billion, far surpassing Tron’s $15.8 billion, indicating that capital may be positioning itself for the future. Additionally, signals from user trading volume and valuation models based on TVL are more indicative than price, suggesting the market may be entering a preparatory phase for a new stage in DeFi.

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