Why am I bullish on defi?

My view is that Bitcoin going to 120k will keep funding levels rising for some time

ethena will bring a funding rate of return on the chain (possibly 60% of 5B), causing massive liquidity absorption and re-evaluating all borrowing sources

The commission rate for Maker reaches 16%, Curve is 60%, Frax is 35%, Aave is 20%, and thena has only been released for two weeks, and this is just the beginning. For many of these agreements, their revenue tripled overnight.

Rune with 0% lending and no liquidation is looking increasingly attractive and may be positioned as the biggest winner in the industry outside of Ethena itself, given how the use of its lending mechanism has led to significant buying pressure on the Rune token

With UNI making regulatory advancements through fee conversion and allowing defi protocols to pass value directly back to their token holders, this sets the stage for a defi rotation that has long been undervalued.