The latest move in DeFi lending just opened up 280 million wallet users for one protocol's borrowing markets. XVS is sitting at $4.39, down a brutal 62% from its peak, now trading like your average DeFi protocol despite a 2.3B TVL backing it. Here's the thing—one major exchange effectively controls the distribution mechanism, and this lending protocol is the sole backend they've integrated on the platform. The market's pricing this scenario in a way that raises some real questions. When adoption gets handed to you through a single channel, what happens to sustainable growth? The metrics look decent on paper, but concentration risk versus actual decentralization creates friction worth watching. Token price action suggests traders aren't convinced this translates into proportional value capture.