Many people think that the ultimate goal of DeFi is higher APY, but in fact, it's quite the opposite.

A truly mature financial market competes on who can make risk pricing more stable.
@TermMaxFi is very much like early infrastructure in this direction.
It locks in lending rates through fixed-term markets, allowing funds to plan returns and costs in advance, just like traditional bonds.
Don't underestimate this change, because in the past, DeFi's biggest problem was asset-liability duration mismatch.
Users deposit in a flexible manner, protocols borrow short-term, and yields fluctuate daily, resulting in no one daring to commit long-term.
And TermMax is actually solving the on-chain interest rate curve problem, which is why more and more fixed income narratives are starting to regain market attention.
PT, RWA, stablecoin yields, institutional lending—these things will ultimately require a fixed income underlying asset.
The truly dangerous protocols are never those with the highest APY, but those quietly building the interest rate market.
@wallchain @TermMaxFi