The Lending AMM model has already gnawed off a piece of meat from the red ocean of the DEX market:

The first to use this model, Fluid @0xfluid, has daily trading volumes that consistently rank among the top three alongside Uniswap and Curve. Euler @eulerfinance is also preparing to launch EulerSwap to join this battlefield, which is one of the few DeFi innovations seen in this cycle that genuinely change the trading environment and improve capital efficiency.