🚨 The DeFi arena is stirring again! Where is the next wave of wealth hidden? Understand it all in one article!

The DeFi ecosystem is quietly reshuffling. Which protocols are worth paying attention to in this bull market, and which are just pseudo-innovations? Let’s take a look at my concise judgments on various DeFi projects to help you avoid pitfalls!

🏦 Lending Protocols: Champions and Rising Stars

AAVE: The Stable Veteran

Solid fundamentals, reasonable valuation, last peak nearly 500, current cost-effectiveness superior to other protocols, still has potential for a surge.

MORPHO: The Future Bet

Strong appeal of newcomers, but valuation is on the high side, suitable only for users who are optimistic about its growth in the long run.

🔁 DEX: Innovation Struggles Against Real-World Pressures

UNI: Breakthroughs, No Explosive Points

Rapid technological iteration (Unichain, MEV sharing, etc.), but difficult to return to high points in the short term.

CRV: Liquidity Crisis

TVL has significantly shrunk, needs RWA and stablecoin sectors to successfully “recover,” can focus on its ecological sub-projects, which carry lower risks.

ve(3,3) Model (like AERO): New User Acquisition is Tough

Too reliant on new projects for support, lacking long-term viability.

📈 Interest Rate Derivatives: Pendle Dominates

Pendle: An Infrastructure-Level Existence

High volatility, but the team is stable, and the experience is superior, worth steady investment attention.

Other Competitors (like Spectra): Somewhat Marginal

User experience and liquidity are lacking, insufficient competitiveness.

⚔️ Perpetual Contract DEX: Clear Differentiation in the Arena

HYPE: Popular Hit

Currently the most talked-about project, but most protocols still rely on “airdrops + user experience” to attract people, genuine innovators are scarce.

The Battle of Two Major Models

GMX type (LP counterpart) vs dYdX type (centralized matching), each has its strengths and weaknesses, no unified solution yet.

💵 Stablecoins: Innovation and Bubble Coexist

ENA: Eye-Catching Concept, Easily Replicable

Attracts low-risk users with “funding rates” innovation, but the model lacks a competitive moat.

USUAL: Yield-Supported

Complex architecture, relies on RWA realization. To establish a foothold, strong business development is needed to bridge DeFi + CeFi integration.

🎯 In summary:

Don’t be overly trusting of new concepts; the protocols that can truly transcend cycles are always those with strong fundamentals, stable user retention, and reliable teams.

The next round of DeFi explosion is hidden in these niche areas—understand the trends, and don’t become a “bull market fodder” again!