DeFi is steadily transitioning from a speculative arena into layered financial infrastructure.
Early growth was fueled by yield farming and emission-driven incentives, but the current phase prioritizes capital efficiency, durable liquidity, and reliable execution. Tokens such as
$UNI increasingly reflect this evolution, with long-term relevance shaped more by governance utility, liquidity depth, and ecosystem integration than short-term hype.
As on-chain activity becomes more sophisticated, execution quality gains importance. Routing efficiency, slippage control, and transaction predictabilit