Recently, there's been a lot of discussion about Hemi in the crypto community, with the most common argument being, "Look how rapidly its TVL (Total Value Locked) has increased." I checked the data, and it's indeed impressive, surging to a very high number in just a few months, ranking among the top Bitcoin L2 cryptocurrencies. But as a seasoned investor, my first thought is: how much of this is genuine financial backing, and how much is just a bubble fueled by high APR (Average Revenue Per Second) mining? To clarify this, I spent time analyzing its on-chain data composition. First, the total TVL is undeniably high, representing the market voting with its funds. At least in the early stages, Hemi's narrative was successful, attracting a large influx of hot money. But we need to break it down. I found that a large portion of the TVL is concentrated in a few leading DEXs and lending protocols, all of which offer extremely attractive liquidity mining rewards. This is actually a classic cold start strategy. New public chains typically use high token incentives to attract their first users and liquidity in the early stages. Hemi is no exception. A large influx of funds is driven by the desire to "mine, withdraw, and sell," aiming to earn early excess returns. This is understandable in itself. The question is, as these incentives gradually diminish, will these funds and users also leave? To assess the "health" of growth, I pay closer attention to several auxiliary indicators. The first is the number of active addresses. If TVL surges but the number of active addresses grows slowly, it may indicate that most of the funds are provided by a few whales, who are more like professional "miners" than real users. Conversely, if the number of active addresses grows in tandem and steadily, it means that Hemi's ecosystem is attracting more and more people to "play," not just "mine." The second is the number of transactions and the complexity of protocol interactions. If most on-chain transactions are simple "staking-reward-sell," it suggests that the ecosystem's intrinsic demand is still weak. I would prefer to see users combining operations across different protocols, such as exchanging tokens on a DEX, then staking them in a lending protocol, and finally investing the borrowed stablecoins into a yield aggregator. This complex interaction behavior represents an ecosystem maturing. The third point is the asset diversity of TVL. Currently, BTC and stablecoins still dominate. In the future, if we see more and more other types of assets (such as RWA, blue-chip assets from other public chains, etc.) willing to migrate to Hemi and settle down, this will be a key signal that it will become an important DeFi hub. Hemi's current TVL data is very impressive, which is a remarkable start. It has successfully taken the lead in the most watched metric in the market. However, I think it is too early to declare that it has "successfully" yet. The current TVL is more of an "incentive-driven TVL". The real test will be in the next six months, when mining rewards return to normal levels. Will Hemi be able to leverage its unique technological advantages and application scenarios to transform this flowing hot money into loyal ecosystem users and accumulated value? This will be the watershed moment that determines whether it is just a hype or real growth. @Hemi $HEMI {spot}(HEMIUSDT) #Hemi