Recently, DeFi has been making quiet progress. Perhaps due to the prolonged bear market, the cost advantages of liquidity are bringing activity back to DeFi protocols. While overall trading volume is shrinking, more CEXs are choosing to shut down, and DeFi's market share is increasing. There are two trends to note: 1. Spot and derivatives trading volumes, represented by Uniswap and Hype, are taking up an increasingly larger share compared to CEXs. 2. Morpho, as a lending infrastructure, has quickly partnered with traditional centralized platforms like Robinhood and HashKey.