one eco started to create more complex systems (eth + l2s + exotic defi) while others never caught up to the l1 mvp (Solana & co still have no good defi). Pragmatically, simple token launchers, trading wallets & cedefi products showed growth vs defi with sound risk controls.

Top defi protocols on eth (uni, aave) are pretty good & adopted. As not much money entered, you could build for existing money in the space (specialized apps: staking, yield, leverage), team up with big partners (local DEX, lending) or go for small meme activity (launch, trade).

I expected meme activity on sol to lead to more defi too but it hasn’t played out yet and now I expect top teams from ETH to capture that as well. A few teams kept working on DeFi efficiency & get more traction now - whether they or strong interface players win is yet to be seen

Interestingly few challenged top protocols on efficiency or economics. The latter is getting more consideration now again and some make significant revenues + buybacks, I.e. top protocols like Uniswap can’t chill for too long as that value attracts user-investors and compounds.

The Uni business licensing reduced competition, iterations & innovation. Uni v4 is cool but not hooks/integrations adopted yet. Maybe case to fork Uni v3 today, incentivize liquidity migration, attract new launches, AND enable liquidity switch to v4 when license runs out in 27.