Cookie DAO 🍪 (@cookiedotfun): $622M drained. 12 attacks. And DeFi sentiment still skewed 88% bullish.

$622M drained. 12 attacks. And DeFi sentiment still skewed 88% bullish. The bearish signal (12.3%) is real and elevated compared to typical months, but it hasn't flipped the overall sentiment. Hack posts made up just 2.6% of all DeFi content in April (837 posts vs 31,446 builder/community posts), a 37:1 ratio. Why? Because builders kept building in parallel: →  @Morpho's Ecosystem Explosion: Morpho Agents Beta launch, Earn on Fireblocks announcement, "The Physics of On-Chain Lending" a deep-dive on Morpho's $11B TVL. →  RWA + DeFi Convergence: @kamino quietly crossed $1B in RWA TVL and captured 52% of all RWA deposits. →  AI Agents Meeting DeFi: agents can now borrow USDC on @MoonwellDeFi using VVV (Venice AI) as collateral. If we want to classify the DeFi conversation theme by signal, Security & Hacks = 11.6% in April. Yield & Lending alone is nearly 3× that. RWA & Tokenization is 40% bigger than the hack discourse. The 3 builder themes combined (Yield, RWA, AI Agents) account for 51.9% of all signal, the majority of the conversation, even in the worst security month in recent DeFi history. Yes, the hack conversation is loud and high-impact, but the constructive builder content held the majority of the signal.