TVL stopped being the general-purpose signal a while ago. Parked capital just doesn't say much about whether a protocol is used.
Every vertical now has its own proof of life, and for credit it's origination and repayment history.
What the Pareto team is building sits on the
$3,000,000,000 in credit extended through Pareto.
$3B of financing provided to institutional borrowers, backed by lenders earning real yield onchain.
The credit layer keeps compounding.
