Many people still think that on-chain yields are just casino games.

But recently, the entire industry has actually started to evolve toward a more mature direction.
Especially after the emergence of protocols like @TermMaxFi, I am increasingly feeling it.
DeFi is beginning to seriously discuss capital efficiency.
In the past, when users used leverage, the biggest pain point was not actually complicated operations.
It was never knowing when borrowing costs would suddenly spike.
TermMax has redesigned this aspect, locking in borrowing costs in advance, fixing the term beforehand, and clarifying the yield path early.
This will make many funds that were originally hesitant to go on-chain gradually start to accept on-chain finance.
Because truly large funds do not pursue daily skyrocketing returns; they care more about whether the risks are calculable.
Recently, the discussion heat in the fixed income sector has clearly increased, and I think this is no coincidence.
As the industry matures, the market will ultimately return to interest rate pricing.
This is the common endpoint of all financial systems.
@wallchain @TermMaxFi