Recently, Aster's scoring has started again with great momentum, as if we have returned to the days of DYDX. This is how the crypto industry works; the cost of forking is extremely low. It's hard to establish a moat overnight. Looking at sectors that can accommodate over ten billion in funds, there is basically no single dominant player; at least there are one strong player and many others. Lending sector: AAVE stands out, but morpho and spark are also growing rapidly, and there is kamino on the Solana chain. Perpetual sector: In the past, there were dydx and gmx, and now there are hype and aster, with the leaders changing repeatedly. DEX sector: uni, pancake, aero, and ray dominate their respective public chains. Stablecoin sector: tether, circle, ethena, sky, and wlfi are in fierce competition. In the end, it seems that only Pendle has surpassed a TVL of 10 billion without any visible competitors. Is ratex barely one? Looking at it this way, Pendle is still too undervalued.