The fee switch proposal for a certain DEX protocol has officially been implemented, marking a new stage for the ecosystem. From the perspective of LP Liquidity, retaining existing top participants should not be a major issue. But the real challenge lies in the rise — that's the pain point.

The number of L1 ecosystems is shrinking year by year, and the growth space for cross-chain deployment is extremely limited. Moreover, every new chain wants to create its own DEX, resulting in a clear siphoning effect. What's more challenging is that competitors are also eyeing the market, and the pressure is quite significant. From this perspective, the dividend period for L1 has basically come to an end.

The true breakthrough for growth may still depend on whether the newly launched chain ecosystem can open up the situation. This is key to whether a curve overtaking can be achieved next.