The DeFi market cycle has indeed changed. Funds are no longer blindly chasing hot trends, and users are beginning to care about three things: risk management, capital efficiency, and whether projects have real demand. The era of hype is over, and what lies ahead is how the ecosystem should upgrade.

The multi-chain era has brought an unavoidable problem—liquidity fragmentation. Main chains have their own liquidity pools, L2s have theirs, cross-chain bridging fees are high and user experience is poor, and users' funds are scattered everywhere, making the process extremely inefficient. This not only limits the scale of protocols but also wastes users' earning potential.

Some projects are starting from this pain point, attempting to build a cross-chain liquidity aggregation solution. The idea is clear: to make fund flow between different chains smoother, so users don't have to switch back and forth between various L2s, and capital efficiency can be improved. Such explorations are indeed meaningful for enhancing the health of the ecosystem.