After looking at the data analysis from @HouseofChimera, I have some thoughts. @MMTFinance, as the largest DEX in the Sui ecosystem, has recently shown excellent capital efficiency and revenue models, and it hasn't even issued a token yet. Many people compare it to Cetus, but there are some differences. 1️⃣ Differences on the asset side Curve → Focuses on stablecoins and LSD, more like a "high-efficiency exchange for similar assets," suitable for low-slippage swaps. Momentum → Based on the CLMM model of Sui, covering a wider range of trading pairs (not limited to stablecoins), with higher capital efficiency. 👉 In simple terms, Curve leans towards stability, while Momentum leans towards efficiency and flexibility. 2️⃣ Different revenue models Curve → Trading fees mainly go to liquidity providers (LPs), with limited protocol revenue; many earnings rely on external "bribes" + "ecosystem subsidies". Momentum → Adopts the ve(3,3) model, where a fixed proportion of all trading fees goes directly to veMMT stakers, creating "real yield" native to the protocol, rather than relying on inflation or external subsidies. 👉 Curve needs external protocols to drive the flywheel, while Momentum has a stronger internal flywheel. 3️⃣ Governance and incentive mechanisms Curve → veCRV model, long-term staking for governance rights + rewards, but the staking period lasts up to 4 years, with a high entry threshold. Momentum → ve(3,3) mechanism + Sui ecosystem bonuses, with more flexible governance and reward cycles, high capital utilization, and easier community participation. 👉 Curve is more focused on long-term institutional governance, while Momentum is more community-friendly. 4️⃣ Network and ecosystem differences Curve → Already a foundational infrastructure for Ethereum and multi-chain, with a large user base, stable but highly competitive. Momentum → Completely tied to the Sui ecosystem, playing a core role on the emerging public chain, with both risks and opportunities. 👉 Curve is a cross-chain giant, while Momentum is the native core DEX of Sui. 5️⃣ Different growth logic Curve → Growth relies on the expansion of the stablecoin market + the LSD sector. Momentum → Growth relies on the overall expansion of the Sui ecosystem + the attractiveness brought by CLMM trading efficiency. 👉 Curve is more like the underlying trading foundation of interest rate protocols, while Momentum is the liquidity engine for the growth of new public chains. Since the trust in Curve has been damaged due to the theft incident, the future growth potential of @MMTFinance is gradually being validated, and we can look forward to it.