The Lending+AMM model has already eaten a piece of meat from the Red Sea's dex market: The first Fluid @ 0xfluid to use this model consistently ranks among the top three in daily trading volume, along with Uniswap and Curve. Euler @ eulerfinance is also preparing to launch EulerSwap to join this battlefield, which is one of the few DeFi innovations seen in this cycle, truly changing the trading environment and improving fund efficiency.