Emerging blockchains are not just competing on speed and cost; many are focusing on specific DeFi use cases. For example, a chain like Terra is designed for stablecoin-focused applications, while others might specialize in asset tokenization or decentralized exchanges. By optimizing for particular niches, these chains can offer tailored solutions that Ethereum, as a general-purpose platform, cannot match. This specialization could lead to a fragmentation of the DeFi market, with Ethereum handling a broad range of applications and specialized chains dominating specific segments. The threat to Ethereum is that it could lose its position as the go-to platform for all things DeFi. Instead, it might become one of many options, each catering to different needs within the broader DeFi ecosystem.