Bloomberg: The DeFi field is being dominated by top projects, and competitiveness has declined significantly since the collapse of FTX

According to data compiled by crypto risk modeling company Gauntlet, the DeFi sector is still dominated by a few participants and has yet to recover from the FTX collapse a year ago. Most of the funds in the DeFi category are concentrated in a few top projects.

Gauntlet uses the Herfindahl-Hirschman Index as a measure of market concentration and competition. According to this index, competition between DeFi exchanges is the most intense, with the top four exchanges accounting for about 54% of the total market share. Other categories, including decentralized derivative exchanges, DeFi lending, and liquidity mining, have little competition. The top four liquidity mining projects in this category occupy about 90% of the market share.

In addition, according to DeFiLlama data, as of the time of publication, DeFi TVL is about $46 billion, compared to a peak of about $179 billion two years ago; Messari data shows that despite recent market rebounds, only about 30 DeFi projects have generated revenue of more than $1 million in the past 180 days overall. (Bloomberg)