Summary Current State and Challenges of the DeFi Market: After experiencing market shocks, DeFi is shedding the "second-system effect." Stablecoins are impacting traditional finance, and institutional DeFi is changing operational models. However, the industry still faces two major problems: the lack of a final lender of last resort for the on-chain economy, and a scarcity of truly original DeFi mechanisms. Innovation Focuses on Core Areas: DeFi innovation revolves around DEXs, lending, and st...

Summary Current State and Challenges of the DeFi Market: After experiencing market shocks, DeFi is shedding the "second-system effect." Stablecoins are impacting traditional finance, and institutional DeFi is changing operational models. However, the industry still faces two major problems: the lack of a final lender of last resort for the on-chain economy, and a scarcity of truly original DeFi mechanisms. Innovation Focuses on Core Areas: DeFi innovation revolves around DEXs, lending, and st...