Lending, liquid staking (including re-staking), and derivatives and stablecoin protocols constitute the three driving forces behind the thriving Ethereum DeFi ecosystem. The old DeFi leaders, such as Uniswap and Curve, representing the DEX track, have basically ceded the spotlight, while the cross-chain track currently lacks sufficient volume to become one of the pillars of DeFi. After several rounds of bull and bear markets, user demand for DeFi products has become increasingly precise. The value of lending projects is gradually becoming prominent; benefiting from the underlying risk-free interest rate provided by Ethereum's POS, some long-tail DeFi demands, including ETH staking and re-staking, are also gradually being developed. For example, emerging derivatives represented by Pendle and stablecoin protocols represented by Ethena enrich the tools available to users and help achieve higher yields. At the same time, everyone's understanding of risk and return has deepened, especially with a decline in trust towards altcoins, which has directly affected the enthusiasm for DeFi token trading. Currently, only DeFi projects that can truly return the benefits of Ethereum ecosystem development to users can gain favor.