Raydium has just staged a dramatic scene—TVL plummeted 15.4% within 24 hours, dropping from $892 million to $755 million. As one of the leading decentralized exchanges in the Solana ecosystem, this number is quite eye-catching.

Why is the capital fleeing so quickly? There are many possibilities. Market makers adjusting their positions, traders moving to other protocols, or the overall market risk appetite declining—all funds are flowing back to centralized exchanges. But the key issue lies in the subsequent effects—declining TVL means shallower trading depth, and slippage begins to soar. Poorer experience → fewer users → liquidity continues to shrink, creating a vicious cycle, with the warning signs of a death spiral already emerging.

This also exposes the core vulnerability of DeFi in a bear market: liquidity is essentially a double-edged sword—coming in quickly, leaving just as fast. Relying solely on mining incentives cannot retain users; protocols need to find deeper, sustainable mechanisms of attraction.

In the Solana ecosystem, are other DEXs taking advantage of the situation or sharing the same fate? The answer will determine the resilience of the entire ecosystem.