Competitive Landscape - Launching a decentralized exchange (DEX) or lending market is challenging due to established liquidity moats of Uniswap (Uni) and Aave [1] - Low risk premiums further intensify the competitive pressure in the DEX and lending market [1] - Protocols require a 10x improvement to succeed, a 50% improvement is insufficient [1] Growth Strategy - Protocols need a sharp, high-growth niche to overcome existing competition [1] - Alternatively, protocols need significant incentives, such as 8 figures (millions) in incentives, to attract users [1]