Why did all defi innovation suddenly grind to a halt?

Why did all defi innovation suddenly grind to a halt?

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regulations and hacks

ponzi scams aren't "innovation"

It’s a scam

new tech will be released

It didn't retard, are you even paying attention? Do I have to deliver the alpha now?

All of the new projects with new tech like tortle ninja are waiting for signs that we're entering a bull market before launching

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it stagnated during the bull run because of the flood of incentives emphasizing TVL over anything else, it became a rush to fork successful protocols onto new chains and soak up marketshare while dumping shitty hyperinflationary tokens. there was no reason to do real dev work because people would just throw money at you for copy pasting. now that the markets have cooled somewhat there is a much stronger incentive to be innovative and therefore competitive

Trader Joe delivered a new better AMM design just recently.

Oasis Protocol will herald in a new age of NFT's once people actually start using it. Expect shit like your medical records getting tokenized and turned into a confidential NFT.
Also, industry innovation is tied to Chainlink's product releases. When CCIP and DECO take-off you can expect an explosion in new use-cases.