Retrospective on DeFi Liquidity Mining Craze: DEX Has No Moat

I wrote an article at the beginning of June "DEX Competition Will Be More Brutal Than Centralized Exchanges!", the main viewpoint is that because of composability, capital flows very smoothly, for market-making funds, they will go wherever yields are high, and for users, they will tend to go wherever fees are low. The resulting consequence is that DEX will face incentive competition from both asset and user sides, DEX will find it difficult to establish a moat, competition will be extremely fierce. And the emergence of the liquidity mining craze perfectly validates this conclusion.