A notable phenomenon of this bull run is that retail investors have become more rational and are no longer willing to dumb buy VC coins with high market capitalization and low circulation. Tokens in the DeFi sector, such as UNI, AAVE, SNX, and MKR, which are the opposite of VC coins, have already been widely circulated in the market. Moreover, in just a few months this year, there have been over 500,000 new issuances, and people's attention and funds are constantly being diversified, making it difficult for the pump to continue.

But the DeFi track consists of projects with solid businesses and strong revenue-generating capabilities. When the funds rotate, there will be a good sustained market situation. Whether it is trading on DEX, borrowing in the lending market, or using DeFi stablecoins or LST as collateral, DeFi has the ability to generate new value, which other tracks do not have. It is also because of this that the Token treasuries of the DeFi track are very rich and do not need to profit through dumping. Previously, it was criticized that the Token of DeFi products only had governance functions and no other empowerment, but now it has started to improve. For example, Uniswap's empowerment of Token is strengthening, which is a good signal.
Although most DeFi projects are boring, with solid business, stable financial conditions, clear regulation, and increased Token empowerment, DeFi has the opportunity to flourish again.
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