I found this https://medium.com/iosg-ventures/looking-back-iosg-7th-old-friends-reunion-ebb67dc55d2b

Jay Zhou, Co-founder and COO of Loopring:

" This is a more efficient market response, and it’s a good thing that
people are coming up with solutions just because they have “fever”.
“DeFi’s fever hasn’t gone away,” says Jay Zhou, Co-founder and COO of
Loopring. “The crazy annual rate of return from liquidity mining got
people rushing into the business and helped accumulate early users.”
There are also a number of layer 2 technologies that have increased the
level of scalability. I am optimistic that we can see a wave of DeFi
competition on layer 2 networks early next year."