Seeing the narrative that the Chinese have missed out on this DeFi cycle and here are some of my observations.

There has always been a quite robust DeFi community in China, which has previously sent dForce to be #5 largest lending protocol by TVL.

2/ several Chinese media shave been posting tutorials on where to find and how to flip shitcoins on Uniswap before the DeFi hype hit. These articles taught retail users how to identify and trade DeFi alts, as well as which coins to flip

3/ As liquidity mining kickstarted the DeFi cycle, the Chinese community remained skeptical - this is understandable for two reasons:
1) Chinese were the biggest victims of the Fcoin default, the inventor of liquidity mining
2) the entire DeFi cycle looks a lot like the ICO boom

4/ Many Chinese funds had sunk a lot of money in ICOs and still recovering from losses. This led to two things:
1) not much new money left to jump onto the DeFi bandwagon
2) China is still busy with pumping Filecoin, Polkadot, and other ICO remnants

5/ However, this does not mean that China will sleep on the DeFi hype. The Chinese DeFi community formed pre-liquidity mining is already quite familiar with coin flipping and follows many projects closely, and info channels that educate users/broadcasts development already exist

6/ To capture the Asian market, DeFi protocols from the West either need to provide smoother user experience catering to that region (translate whitepaper, UI) or watch their protocols being replicated by those who speak Chinese like what happened to YFI/Compound