I've recently become increasingly focused on a detail: truly cyclical-proof DeFi protocols are often not the most exciting, but the most stable.

Because the larger the funds, the more they dislike uncertainty.
That's also why I've been paying close attention to @TermMaxFi recently; the entire protocol logic is actually centered around predictability.
Fixed interest rates, fixed terms, fixed costs, and even leverage logic that minimizes mid-term variables as much as possible.
This is actually very important because many past leveraged protocols were essentially more like high-frequency casinos.
But TermMax clearly leans more towards asset management logic.
Recently, after seeing the collateral assets they support, I feel deeply: Pendle PT, LST, LRT, RWA—these assets actually represent the trend of income asset tokenization.
What TermMax is doing is establishing a fixed financing layer for these income assets.
This means that in the future, on-chain finance will truly enter the era of interest rates.
Many people are still researching memes now.
But larger capital has already started studying the yield curve.
@wallchain @TermmaxL9648