By 2019, the core primitives necessary for decentralised financial markets, including lending protocols, decentralised exchanges, and stablecoins, were already in place on Ethereum. Five years later, with a brutal bear market behind us, the DAOs that created DeFi have improved their cost discipline, have greater insights into security and risk management, and streamlined their governance processes. They have secured their dominant market positions through proven performance and are mature enough to maintain that dominance.