1. Can UNI survive and become stronger?

I have always thought Uniswap is a great project, but I have not really liked UNI over the years because this coin has no equity value.

I believe it can survive and become stronger.

However, if we speak in established investment language, Uniswap's business model is okay (it's uncertain how strong its moat is), the team is good, but the returns for shareholders (UNI holders) are quite average.

So I do not invest in projects like this.

2. Is HYPE still awesome?

In the comment section of the May 18 article "In the Wave of Uniswap V4 Hook, Who Will Be the Next True 'Cash Flow King'?", some readers mentioned HYPE and LFI.

Although I am currently less interested in DeFi due to personal preferences, if we look at practical applications and actual cash flow generation, there is no doubt that DeFi is the most meaningful project in today's crypto ecosystem.

HYPE is a star DeFi project that emerged during the last bull market and is a perpetual contract trading platform.

However, even now, my interest in it is quite average, mainly for two reasons that I have repeatedly shared:

First, it is a customized, dedicated layer one blockchain, and it is clearly a centralized thing. I am not very interested in this kind of layer one blockchain;

Second, it is a DeFi application, which is not a field I am particularly interested in.

Despite this, it has solid cash flow and is also expanding into trading areas like prediction markets and RWA.

Therefore, whether from the perspective of cash flow income or future expansion fields, I believe its direction and strategy are very correct, and its token economics based on cash flow income is also quite robust.

This is worth emulating and referencing for all DeFi projects, and even more so for all application projects and entrepreneurial teams in the crypto ecosystem—at this point in the development of the crypto ecosystem, applications must address essential needs, must have practical application scenarios, and most importantly, must be able to generate substantial cash flow income.

Recently, a notable trend has emerged in the DeFi ecosystem:

After the AAVE incident, the volume of DeFi (TVL) continues to grow healthily.

But the movement of capital is very interesting: there has been a significant influx of funds into lending protocols with stricter risk control or better risk isolation, the most typical being Spark and Morpho.

The token of the Morpho project is just a governance token, but under the attention of funds, its fully circulating market capitalization surprisingly surpassed that of the better token economics AAVE.

While there is certainly an emotional factor, there is also recognition of the value and philosophy of this project.

I took a closer look at the project's white paper, and it turns out that the project initially did not charge any fees, returning all platform earnings to contributors. They have adhered to this from the beginning until now.

Additionally, LayerZero, which was considered involved in the AAVE incident, is also becoming increasingly weak, with projects that heavily relied on it now turning to the more strictly controlled ChainLink.

This indicates:

- The essential need of DeFi not only exists but is also being reinforced, and this is happening quietly even in a seemingly sluggish overall market.

The AAVE incident did not shake the foundations of DeFi, much less the so-called "DeFi is dead." The projects that were truly affected are those with poor quality and inadequate safety in the ecosystem, while projects that have built a solid foundation have instead met with stronger growth.

- Duan Yongping said: Doing the right thing may not show immediate effects, but after 20 years, the difference will be substantial.

The main projects benefiting from this incident, Spark and Morpho, have not been around for long. Neither of these projects has ever been the most dazzling in the ecosystem, but they have been quietly working hard and focusing on safety mechanisms, and now they are finally starting to reap the rewards.

It really is "over time, one knows the horse's strength; over time, one sees a person's heart."

3. How about LFI?

I took a quick look at this project, which is a RWA project linked to real estate on Base.

The key to such RWA projects, in my view, lies not on-chain but off-chain; it depends on regulatory attitudes and management practices.

As for the current regulatory attitude, I think it is best to wait until the most important legislation is passed to make a judgment.

So it's a bit early to talk about it now, let’s continue to observe.

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