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The TVL performance of Mezo Network is worth paying attention to. It has gradually increased from $72M to $81M, with the latest data from DefiLlama showing oscillation in the range of $78M-$79.68M. There is an interesting story behind this rebound — earlier this year, it surged to nearly $300M, then sharply retraced to a low of $18M, and now it has risen again. This doesn't look like a false boom but rather a sign of genuine funds gradually flowing back and settling.
The lending side is also gaining momentum. Both BTC locking and MUSD lending volumes are quite substantial, with an active lending scale of over $21M, supported by collateral of more than 2,000 BTC. The key is the strong competitiveness of interest rates; a 1% lending cost is very attractive in the current market environment. When looking at these data together, it indicates that the protocol's liquidity mechanism is gradually stabilizing and maturing.