In the current turbulent CT market, I believe these three recent events deserve serious reflection. They are unrelated to price fluctuations, yet they touch upon the industry's most fundamental pain points. 1️⃣ The power struggle between the protocol and product layers within Aave, the most OG DeFi protocol This is not merely a conflict of interest within Aave; it exposes a hidden governance wound across the entire industry: when DAOs control the underlying infrastructure and Labs control the entry point, how can this structural misalignment between value capture and actual control be resolved? Author: @cmdefi 2️⃣ The ENS community is mired in a governance crisis of "bad money driving out good" This is a profound review of the dilemmas of decentralized governance. It reveals how, when the interpersonal dynamics of "mutual approval" outweigh the responsibility of speaking the truth, DAOs gradually drive out hard workers, falling into a vicious cycle of mediocrity in power. Author: @chaowxyz 3️⃣ The Hyperliquid $650 Million Liquidation Sparks a Major Debate on the ADL Mechanism This debate, sparked by the Hyperliquid $650 million liquidation, pitted Gauntlet co-founder Tarun against Paradigm's Dan Robinson. Is it about ensuring absolute platform security by making large investors "pay the price innocently," or pursuing a more refined level of fairness? This high-level confrontation reveals the brutal "impossible triangle" behind DEX risk control. Author: @thecryptoskanda 💡These frictions at the mechanism level are essentially due to the inability of static code rules to fully adapt to the lagging response of dynamic interest game dynamics. When the scale of the protocol exceeds a critical point, the original technical issues often revert to a political trade-off regarding the distribution of interests.