Summarize the on-chain data and fundamentals changes of the current mainstream DeFi protocols



$UNI
MetaMask directly connects to Uniswap API, fully integrated with v2/v3/v4 + UniswapX, leading to a shift in entry-level traffic.
BlackRock BUIDL (US Treasuries) trading on UniswapX, RWA officially integrated into mainstream DEXs.
Core: DEXs are beginning to benefit from the "institutional assets + wallet entry" dual advantages.

$AAVE
Oracle incident on March 10 resulted in approximately $26 million in erroneous liquidations (risk exposure). v4 passed with 52.58% approval and went live after auditing.
Core: Established lending platforms are upgrading, but security issues remain a major concern.

$ONDO
Franklin Templeton moved ETFs onto the blockchain, enabling 24/7 trading. Felix connected liquidity, with over 260 tokenized stocks available for spot trading, capturing 58% of the tokenized stock market (>1 billion USD).
Core: No longer just a DeFi project, but more like an on-chain brokerage + asset management platform.

MORPHO
Ethereum Foundation added 3,400 ETH (endorsement is crucial), Apollo Global invested $112.5 million to buy governance tokens (directly tied to interests), Bitwise + Lombard set up BTC accounts, Morpho handles liquidity.
Core: Institutions are not only using but also starting to control and bind ecosystems.

ENA
Unlocked 40.63 million tokens in March; whales withdrew $4 million from exchanges. Q1 revenue down 32% (user loss).
Core: Data weakening, fundamentals beginning to face pressure, which warrants caution.

JUP
Unlocked 53.47 million tokens (about $8.15 million inflow). Jupiter Lend's deposits surpassed $100 million, multi-chain deposits + cashback launched.
Core: Solana ecosystem is building financial infrastructure and starting to move toward "comprehensive DeFi."

The three main trends for the future of DeFi protocols are becoming clearer—
First, RWA (US Treasuries, ETFs, stocks) fully on-chain,
Second, institutions directly participating (buying tokens, providing liquidity, controlling protocols),
Third, wallet + protocols + assets beginning to connect.
UNI-0,78%
AAVE-1,69%
ONDO1,72%
MORPHO2,37%
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