Recently, I took some time to closely observe the on-chain behavior of a certain DeFi protocol, and I was captivated by a phenomenon—the capital flow has begun to show a peculiar "consistency". This does not mean that everyone is doing the same thing, but rather that even with completely different backgrounds and varying pressures, the operational paths of everyone are becoming increasingly similar.

Once this consistency is formed, the protocol itself has a certain inherent drive.

The first time I noticed this phenomenon was during a particularly volatile period in the market. The external market signals were in chaos, but the funds on this protocol showed a stable and rhythmic flow — on the eve of the riot, money automatically gathered in safe havens; when the real volatility came, risk positions gradually shrank; by the time the dust settled, the pace of liquidity replenishment was often faster than the stabilization of the broader market. That feeling of "coming to one's senses earlier than the market" made me realize that this might not just be a collective choice of users, but there should be some structural force driving it.

To understand how this force operates, I compiled the operational data of several large addresses. These addresses have different strategic logics, trading frequencies, and risk appetites, but once the system enters a similar state, their action directions can remarkably coincide:

When signs of risk appear, everyone tends to move towards places with strong liquidity; during phases of market tightening, there is a collective choice to remain inactive; when the structure begins to stabilize, new liquidity will be replenished first.

This consistency has a strong resistance to interference and is difficult to be broken by external noise. Protocols that have truly matured often show such signs at some stage.