There's an interesting phenomenon in the crypto space:

Everyone's chasing perpetuals and yield farming, rushing wherever the APR is highest
But if you look at traditional finance, you'll find that the real big money is actually in fixed income—the bond market is way larger than the stock market
The reason is simple:
The bigger the money, the less it wants to ride the roller coaster
And DeFi, after all these years, has actually been missing this foundational infrastructure. Lending rates fluctuate wildly, and even stable strategies can easily get wrecked by rate volatility
So protocols like @TermMaxFi that offer fixed-rate lending are pretty interesting
The essence is transplanting that fixed income logic from traditional finance into DeFi
Once this segment truly matures, DeFi might not just be a game of "whoever has the highest APR wins" anymore
By then, yield farming players might discover:
The real big capital has already been lining up in fixed income this whole time