Katana's TVL (Total Value Added) has continued to grow over the past few days, rising from $208 million to $715 million, with stablecoin deposits reaching $465 million. A significant portion of this growth is attributed to promotional activities on the two major exchanges, Binance and OKX. Binance's $50 million KAT prize pool and OKX's $65 million KAT prize pool will continue until March 17th. In the current market environment, funds are more actively seeking stable returns. On-chain lending demand has also shown some signs of recovery recently; for example, Aave and Morpho's active lending volumes have remained at high levels. @katana's choice of Morpho as the core lending layer has its advantages: Morpho's vault + curator mechanism (similar to Steakhouse and Gauntlet-managed vaults) allows for a clearer structure of risk, parameters, and returns, resulting in higher capital efficiency. This is why many stablecoin liquidity providers prioritize these vaults. These funds are largely concentrated within the Morpho + Core Vault liquidity framework. In a sense, this is a real stress test: If funds are indeed channeled into the same DeFi structure, can it operate stably? The only thing truly worth watching now is: How much of this liquidity will remain after the reward cycle ends? I've been keeping an eye on investment platforms lately; even those with relatively high safety margins, like Katana, have seen explosive growth. Participation depends on individual choice, but each one requires careful research.