The new landscape of DeFi is reshuffling! 6 major sectors are set for explosive potential, and the next tenfold dark horse is emerging!

DeFi is undergoing a deep restructuring, with old models exiting and new logic coming in. Here are my simplified insights on several core sectors:

1. Network Protocols: The Strong Get Stronger

The fundamentals of the Asian American Educational Association have significantly strengthened, far exceeding the levels of the last bull market. The last peak was $500, and the probability of hitting a new high in this round is extremely high.

Mofuo, although new, has a high valuation and is more suitable for long-term bettors, not for those chasing high prices.

2. DEX Track: Technological Revolution Cannot Overcome Valuation Ceiling

The ve(3,3) model, such as 'Aviation', is novel but relies on extracting value from new users, making it difficult to sustain in the long term.

Innovations like Unichain, which offer fee-sharing, are worth paying attention to, but valuations are already close to their peaks.

Kerryway lacks the ability to support RWA and stablecoins, and downstream projects may offer better cost-effectiveness.

3. Interest Rate Derivatives: Pendle Dominates

Pendle has become an indispensable infrastructure for DeFi, with a stable team and quality products. Although it is highly volatile, it possesses significant long-term value. In contrast, Spectra is clearly lagging behind.

4. Perpetual DEX: HYPE Leads, Innovation Awaits Explosion

Current mainstream models are divided into GMX-like LP modes and dYdX-like centralized order books. While the experience is improving, most projects still rely on airdrops to drive volume, lacking core innovation. Currently, HYPE is the most noteworthy.

5. Stablecoins: Enna Ignites New Gameplay

Enna introduces low-risk capital through a 'funding rate' mechanism, driving structural changes in stablecoins. However, with low barriers to replication, it remains to be seen whether it can maintain its core position in the future.

To truly break out, it still needs to integrate RWA logic and embed itself within a broader DeFi ecosystem.

Summary:

This round of DeFi market dynamics is no longer about gimmicks but about implementation capabilities and structural innovation. The real tenfold dark horse may be hidden in the downstream projects of the chain you are currently overlooking.