DeFi, as one of the most innovative sectors in the field of cryptocurrency, has always attracted significant attention. This article will delve into the three major branches of DeFi: Decentralized Exchange (DEX), lending platforms, and Real World Assets (RWA), analyzing the current status and future trends of each track.

In the field of DEX spot trading, Uniswap (UNI) is undoubtedly the undisputed leader. PancakeSwap (CAKE), as the representative of Binance Smart Chain (BSC), and Raydium (RAY), as the representative of the Solana public chain, can both be seen as good alternatives. It is worth noting that RAY faces competition from Orca within the Solana ecosystem, and its future development remains uncertain. In contrast, UNI's position is the most stable, followed by CAKE. Other projects like SushiSwap, Thena, Celo, MDEX, and DODO have gradually lost market attention.

In the area of DEX contract trading, Hyperliquid (HYPE) occupies over 80% of the market share with its innovative mechanism and outstanding user experience, becoming the unshakable king. In contrast, projects like dYdX, GMX, and Perpetual Protocol may face severe challenges in the future.

In the lending platform sector, Aave's dominance is even more apparent, with a market share of over 90%. Former competitors such as Compound (COMP), Yearn.Finance (YFI), and Venus (XVS) have gradually lost their ability to compete with Aave. Although Compound's on-chain data still outperforms other rivals, there remains a significant gap when compared to Aave.

The RWA (Real World Assets) sector is often considered the home ground of Ondo Finance, but from the perspective of market performance and investment returns, Spool Protocol (SYRUP) may be more attractive. Although Ondo has a higher market capitalization, its price fluctuations are relatively slow, making significant increases less likely.

Overall, the competitive landscape in the DeFi sector has stabilized, with clear leaders emerging in each sub-track. However, the cryptocurrency market is ever-changing, and investors must remain cautious when making decisions, fully considering the project's technological innovation, market acceptance, and future development potential.