Deepcoin Research｜深究研究院

The evolution of the decentralized finance (DeFi) lending market not only reflects the iteration of technology but also mirrors the eternal trade-offs between capital efficiency, risk control, and cross-chain interoperability in DeFi protocols. The DeFi lending market in 2026 is highly likely to evolve into a dual oligopoly of Aave and Morpho. The former occupies the "retail and standardized institutional market," while the latter occupies the "geek, customized, and high-efficiency arbitrage market."

The blockchain industry is stopping its fervent worship of "digital religion" and is instead embracing a more sober, tool rationality centered on efficiency and sovereignty. At this darkest moment of narrative exhaustion in the industry, when more and more people choose to turn away from Web3 due to an inability to see the future and feeling betrayed by ideals, we must reject the narrative trap of "Crypto for the sake of Crypto" and the dogmatism of "sacrificing efficiency for decentralization."