Institutional interest in crypto assets is becoming a reality, and Bitwise recently made this trend very clear.

Everyone's focus is on Bitcoin and spot ETFs, but the real innovation is happening deep within DeFi. Take a certain liquidity protocol as an example, which demonstrates many possibilities.

Traditional AMMs seem to have ample liquidity, but in reality, a large amount of funds are idle and wasted. The emergence of CLMM (Concentrated Liquidity Market Maker mechanism) is changing this situation—by allowing liquidity providers to concentrate capital more flexibly, it improves the utilization efficiency of each fund. This is not only a technological advancement but also a sign that the DeFi market is maturing.