Recently, the market has indeed been interesting. On the surface, the macro environment doesn't seem very friendly—double holiday periods have led to tight liquidity, and the Bank of Japan is signaling hawkish rate hikes, which naturally makes people a bit cautious. But if you look deeper into the industry fundamentals, it's actually quite solid.

The market capitalization of stablecoins has surpassed historical highs, what does this indicate? It shows that there is genuine demand for stablecoins, and the DeFi ecosystem's reliance on such assets is increasing. At the same time, a major DEX's fee switch mechanism has been approved, which is significant—meaning DeFi is starting to find a real commercialization path beyond the previous "free model."

In other words, DeFi is moving from the early exploratory stage toward maturity. It's not just technology iterating; the entire business logic is also improving. The establishment of fee models allows protocols to become healthier and self-sustaining, making the ecosystem more sustainable. This is actually a positive signal for the entire industry—although short-term liquidity may face pressure, in the long run, infrastructure is getting stronger.