According to third-party data, as of September 8, 2020, the total amount locked in DeFi has reached nearly 12 billion US dollars, which is 17 times that of the end of 2019. Among them, lending platforms such as MakerDAO, Compound, and EOSREX account for 80% of the total market value.

The blockchain has always attached importance to incentives, and DeFi is a continuation of this form. Before Bitcoin was so popular, it used to be because of the stimulation of mining incentives. DeFi is popular this time, and a considerable part of the reason is liquidity mining. The incentive mechanism attracts potential users. DeFi shows everyone the prototype of the value chain of the distributed business ecology, and provides a solution to the entire traditional financial problem. The war between DEX and CEX should not end in the short term.

But DeFi seems to be about to hit the "ceiling". The Ethereum public chain itself is not scalable enough, it is getting more and more congested, and the service fee is getting more and more expensive. Moreover, the price of this service fee is compared with the service fee that DeFi wants to replace the traditional financial industry. Speaking of which, it's already a high price.

Whether it is Ethereum, or many other public chains that have entered the track due to the popularity of DeFi this year, in terms of DeFi layout, they have not yet fully built the actual necessary infrastructure. The business models of most blockchain protocol layers are in their infancy, and even the dominant Ethereum is only in the transitional stage of development to Ethereum 2.0 (the Ethereum Layer 2 expansion plan).

In the future, the construction of DeFi will require a public chain with much better performance and ecology, otherwise there is still no way to solve the various problems that have emerged on Ethereum. However, the development of the DeFi system is still the second breakthrough of the blockchain system, which may essentially change the settlement structure of the global financial system.