#DeFi借贷市场 Maple Finance's lending volume has surpassed $5 billion, with a single loan of 500 million USDC and an annual revenue of $25 million... This data is indeed impressive. But looking at the Uniswap Foundation, with $4.8 million in employee salaries, top executives earning $700,000 annually, and only $10 million in grants distributed, their efficiency is even worse than Optimism, which delivered six times the funding at a cost of $2.14 million.

This comparison is outrageous. It's understandable that the community criticizes "DAO governance as a disgrace," as 22% of expenses go to executive salaries, which is indeed excessive. Maple attracts institutions with real and sustainable revenue, while Uniswap is spending token holders' money to sustain personnel. One is expanding, the other is internal strife; the gap is obvious.

The DeFi lending market is truly accelerating its segmentation—more capable projects are getting stronger, while organizations that slack off will eventually fall behind. That's why the community is becoming more discerning, no longer just looking at fundraising amounts and fame, but focusing on actual output and efficiency.