DeFi TVL is 44% off its October 2025 peak. Most of the sector is in a drawdown, except one.
Morpho TVL is near an all-time high at about $10.4B.
Inside it, RWA deposits grew from $1.07B to $1.58B since July 1 (+49%).
Active RWA loans went from $411M to $641M and about 58% of the
