900M crypto holders but DeFi lending counts ~7.8M users globally — two orders of magnitude between CEX-mediated ownership and on-chain participation. LatAm DeFi activity grew 150% YoY and Sub-Saharan Africa ~100%, but those flows are remittance and dollar-access driven, not the yield-chasing nomadic capital that dominates TVL composition. Institutional ETF and tokenized-treasury rails are a third leg entirely — they don't touch the protocols driving emerging-market adoption. Three barely-overlapping user bases stuffed into one "Web3 growth" headline.

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