From the development trend of DEXs, projects like Momentum, Yield Basis, and Canton Network are all worth paying attention to. As a decentralized exchange, Momentum has reached a TVL of $240 million, with transaction fees exceeding $7 million in a single quarter, demonstrating strong growth momentum. Yield Basis, as a Bitcoin-native yield protocol, has received support from the founder of Curve, and its valuation has rapidly risen from $50 million to $200 million, reflecting the market’s high expectations for it. Canton Network is targeting the institutional financial market and has already attracted participation in testing from several top financial institutions. Overall, these projects each showcase different advantages and innovations within their respective niches, reflecting that DEXs are moving toward greater specialization and diversification. Keeping an eye on the progress of these projects may provide us with some valuable on-chain investment signals.