Do you think DeFi protocols still have serious potential, or has the market moved on?

Lately I’ve been diving back into the DeFi rabbit hole, not the usual Ethereum/L2 suspects, but newer platforms experimenting with novel mechanics. While browsing through some smaller L1 ecosystems, I stumbled across a new DeFi called alphbanx, aye weird spelling well alphbanx is building a borrow/lend system It made me stop and think are we sleeping on the next generation of DeFi tools simply because they’re not launched on Ethereum or Solana? Alphbanx isn’t the point of this post more like the spark. The broader question is whether decentralized finance still has room to innovate in meaningful ways. Is the real value of crypto in these kinds of permissionless financial systems, or has that wave already crested? Are people still looking at on-chain lending, overcollateralized loans, or native-yield vaults as serious investments, or has that mindshare shifted entirely to memecoins and NFTs? Curious what others think. Are we overlooking the next Synthetix, or is DeFi just DeTryhard now?