4 of the 8 top DeFi protocols didn't exist three years ago: 

Eigenlayer, Etherfi, Spark, and Ethena. 

Now, they are among the top DeFi protocols by TVL.

Notice that all top 8 protocols are focusing on YIELD.

DEXes out of top 8: Uniswap, Curve, Pancakeswap... LPing due to IL isn't worth the risk?

Notable changes:

- Aave: 4th to 1st, TVL +315%
- Uniswap: 6th to 10th
- Curve: 4th to 19th, TVL -50% since 2022
- PCS: 5th to 24th, TVL -50%
- Convex: 8th to 35th

MakerDAO (Sky) lost the 1st spot but its first subDAO, Spark, is a success.

Binance staked ETH is now as big as Lido was 3 years ago.

Ethena is a beast: started growing again, soon to reach ATH TVL.

You can earn fees there, the same if you build a separate DEX

Il is a pain in the ass, Uniswap V4 hooks were supposed to fix this, but as far as I see they didn't get traction so far

Watching