Odaily News The DeFi space is being dominated by a handful of players, and the space is still recovering from the FTX collapse a year ago. According to data compiled by cryptocurrency risk modeling firm Gauntlet, most funding in the DeFi category is concentrated in a few top projects. Gauntlet uses the Herfindahl-Hirschman Index as a measure of market concentration and competition. According to this indicator, competition among DeFi exchanges is the most intense, with the top four exchanges accounting for approximately 54% of the total market share; other categories, including decentralized derivatives exchanges, DeFi lending, and liquidity staking, do not have much competition. The top four liquidity staking projects account for about 90% of the market share in this category. In addition, according to DeFiLlama data, as of press time, DeFi TVL is approximately US$46 billion, compared with the peak of approximately US$179 billion two years ago; Messari data shows that despite the recent market rebound, overall, there has been only About 30 DeFi projects have earned more than $1 million. (Bloomberg)