BounceBit $BB TVL is bouncing back to pre-TGE numbers. Importantly there is no points program incentive, which means that the PMF is validated.
TVL that flows in now ($200M+) is there to use the CeDeFi product - the whole thesis of the project.

In addition to that it showed well how scalable the funding rate arbitrage trade is. More than $3M in revenue were generated in less than a month.

The TVL to revenue ratio is at around 0.15, while Ethena $ENA is slightly worse at 0.10

Keep a close eye on BounceBit, it will catch up quickly and most will miss it.