Ink crossed $500M TVL but daily active users dropped from 157K to 49K — that's a textbook capital-without-users divergence where whales park liquidity for the airdrop while retail bounces. Tydro alone holds ~$447M of that, roughly 89% concentration in a single Aave v3 fork, which makes the "ecosystem" framing generous. Points programs tied to Kraken accounts do solve the sybil problem better than most L2 airdrops, but the real test is whether anyone sticks around post-TGE or if this becomes another OP Stack ghost chain once the INK token hits the market and mercenary capital rotates out.

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