DeFi Cycle May Be Starting at a Low Point in 2026, Analysis Suggests

According to Odaily, an analysis by 10x Research indicates that the DeFi cycle for 2026 may have begun at a low point. As the regulatory environment in the United States becomes clearer, billions of dollars in stablecoins are flowing back into the Ethereum ecosystem, although market prices have yet to fully reflect this shift. Data reveals that capital is currently in an accumulation phase rather than a speculative one, which is typically a precursor to a new cycle. Since U.S. President Donald Trump was elected, the issuance of stablecoins on Ethereum has surged by $48 billion, significantly surpassing Tron's $15.8 billion increase. The report highlights that indicators based on user transaction volume and TVL valuation models suggest the market is entering a preparatory phase for a new stage in DeFi.