According to @bubblemaps, the decentralized finance (DeFi) sector is experiencing a new wave of growth, with the total value locked (TVL) in top lending protocols surging past $50 billion, a 60% increase over the past year. A report by Artemis and Vaults.fyi attributes this growth to increasing institutional participation and the integration of DeFi infrastructure into the backend of user-facing applications, a trend called the 'DeFi mullet'. For instance, Coinbase's BTC-backed loans are powered by Morpho, originating over $300 million in loans. Concurrently, the Nasdaq-listed firm Defi Development Corp (DFDV) announced it is raising $112.5 million through convertible notes, with proceeds intended for a stock buyback and the acquisition of more Solana (SOL) tokens. This move highlights a growing trend of public companies adding cryptocurrencies to their balance sheets. Following the announcement, DFDV shares traded down 12% in the early session.