Author: @0xCheezzyyyy Compiled by: Plain Language Blockchain

We have gone since DeFi Summer in 2021 It has passed a long road. Today, DeFi has formed many mature fields and has the ability to continue to grow and become active.

However, in comparison, this is still in its early stages because of the crypto market The market value is approximately US$3.3 trillion, while the traditional financial market is as high as US$133 trillion. This article will take a look at some observations and findings about the industry dominant platform.

DeFi's core philosophy is to provide a more innovative and efficient system that solves the major inefficiency problems of traditional finance through proven product market fit (PMF). . Similarly, DeFi is composed of several key areas that often present an oligopoly structure.

So, what is the situation today?

1. DEX

First look at decentralized trading platforms (DEXs): In the fourth quarter of 2024, @RaydiumProtocol surpassed its market share with approximately 61% @Uniswap, become a leader in the field.

Although its total value lockout (TVL) is only about 39% of Uniswap. While this may be related to @solana’s memecoin craze, its long-term performance remains uncertain.

In the perpetual contract DEX field, we have a clear winner.

Since the third quarter of 2024, @HyperliquidX's market share has climbed from 24% to 73% (a 3x increase). Overall volume of perpetual contract DEX has continued to grow since the fourth quarter of 2024, with current daily trading volume of about $8 billion compared to $4 billion at the time.

HL(Hyperliquid) is gradually challenging centralized trading platforms and trying to become the main platform for price determination in the crypto market.

2. The same is true for the borrowing industry. Since 2024, @aave's industry dominance in the lending and borrowing sectors has become increasingly obvious:

Deposits: rose from 42.1% to 65.78%

Borrowing: from 31% to 61%

Aave Still the preferred platform because of its long-established reputation and credibility of the agreement.

@pendle_fi is leading the revenue field, setting a record high in Ethereum TVL (approximately 1.59 million ETH).

Its unique value proposition is becoming a key driver of value discovery in this field, and it remains at its highest level despite the slowdown in the DeFi market and the market sentiment is relatively low. TVL.

This clearly demonstrates its strong product market fit (PMF).

3. Liquid staking platform

Liquid staking (Liquid staking) is undoubtedly the largest TVL (about US$35 billion) in DeFi.

@LidoFinance is the undisputed leader, controlling about 70% of the market share and nearly monopolizing the LST market. Its TVL ($24.8 billion) is 5.17 times the second-largest contender @binance’s $bETH ($4.8 billion).

This dominance is not driven by staking income, but by the assets of $stETH Value-driven:

Best asset utilization: As the most integrated asset in DeFi.

The most trustworthy service: becoming the preferred staking solution for funds and institutions.

Here, credibility and trust are key to driving widespread adoption.

As for liquid restoring, we have also seen similar groups of people trend.

It is worth noting that @ether_fi's market dominance has increased significantly (from 35.3% to 63%), with its TVL growing by about 770% in 2024 , and continues to grow even after the end of S1 and S2 stakedrop.

This increase is mainly due to:

on @eigenlayer, @symbioticfi and @ First-mover advantage in ecosystems such as Karak_Network.

Extensive DeFi integration

Trustness of product suites

Trustness of trust in product suites

@Lombard_Finance's performance in the BTC-Fi field is highly similar to that in the LST/LRT field, steadily rising to 49.5% .

As @babylonlabs_io matures (currently with a market value of US$5.5 billion), the demand for $BTC as the preferred crypto-security asset is expected to grow exponentially, with market opportunities available To reach $2 trillion.

@Lombard_Finance has mastered the industry-led strategy. With $LBTC as the most widely integrated, used and security-focused LRT in DeFi, Lombard is positioning it as the preferred asset for institutional trust and widespread adoption, similar to the $stETH role. Details: https://x.com/0xCheezzyyyy/status/1886623732770463885

4. Summary

Summary, DeFi fields have found their own positioning, complement each other, and formed A complete ecosystem. This marks the rise of a new native financial model that is destined to subvert centralized finance (CeFi), and we are fortunate to witness this process.

As we enter the next stage of expansion, there will be more efforts to expand new verticals, enter unexplored markets, and even engage with CeFi in the future Integration:

@ethena_labs plans to integrate traditional financial payment systems

@Mantle_Official's Mantle Index Funds and Mantle Banks plan to combine encryption with traditional finance

As more institutions are paying attention, such as @BlackRock's $BUIDL in DeFi, and @worldlibertyfi The future potential of DeFi portfolio and spot ETFs looks very promising.