Two years into mobile mining, what is the status of early DeFi projects?

"Liquidity mining" has been popular for nearly two years since Compound launched "lending as Mining" in June 2020. Due to the increase of on-chain activity driven by DeFi, GAS charges remain high for a long time. When Curve issued governance tokens in August 2020, at a Gas Price of 250 GWEI, a deposit transaction in Curve required a Gas fee of about 0.3 ETH. While liquidity mining helped projects get off to a cold start, it also created a huge bubble as the market began to redefine project valuations and many of the DeFi leaders fell 90 per cent directly from their highs.

Despite the new crypto bear market, the DeFi market has grown significantly from two years ago. According to Defi Llama, TVL in Defi apps stood at $128.65 billion as of May 31, 2022, an increase of about 116 times compared to $1.1 billion two years ago as of May 31, 2020; But it was down 53.7% from its high of $277.98 billion as of December 3, 2021. Over the past two years, Head's DeFi project has built a brand moat, while constantly innovating and iterating new versions to provide better products to the market.

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