This is the metric I’m watching.
Not how loud the narrative is, but whether users are actually paying to use the product.
$AAVE → lending demand
$HYPE → leverage demand
$ENA → stablecoin and dollar demand
If fees keep growing, the market has something real to price.
Usage first. Narrative second.
Web3 Fa'ee
$AAVE earns from lending.
$HYPE earns from perps.
$ENA earns from the dollar trade. Credit, leverage, stable yield.
If DeFi is real this cycle, these three show it in fees, not slogans
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