Lending, liquidity staking (including re staking), derivatives, and stablecoin protocols constitute the three driving forces behind the flourishing development of the Ethereum DeFi ecosystem. The old DeFi leaders, such as Uniswap and Curve represented by the DEX track, have basically given up the C-position on the stage, while the cross chain track currently does not have enough volume to become one of the pillars of DeFi. After several rounds of ups and downs, users' 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 POS, some DeFi long tail demands, including ETH staking and re staking, are gradually being developed, such as emerging derivatives represented by Pendle and stablecoin protocols represented by Ethena, which enrich users' tools and help them obtain higher returns; At the same time, everyone's understanding of risk and return has become deeper, especially the decrease in trust in altcoins, which directly affects the enthusiasm for DeFi token trading. At present, only DeFi projects that can truly give back the benefits of the Ethereum ecosystem to users can be favored.