I. BackgroundDecentralized Finance (DeFi) has rapidly evolved since 2020:V2 Era: Represented by Uniswap V2 and Aave V2, focused on automated trading and decentralized lending.V3 Era: Addressed capital efficiency, solving low utilization and fragmented liquidity.V4 Era: Moving toward modularity and programmability, aiming for more flexible, composable finance.II. Core Features of DeFi V31. Concentrated LiquidityLiquidity providers (LPs) can allocate funds within specific price ranges, greatly ...
