Many people still understand DeFi as on-chain gambling, but if you carefully observe the changes over the past two years, you'll find that the industry is gradually moving in another direction.

More and more protocols are beginning to focus on stable yields, RWA, government bonds, and fixed income products.
Because the market has finally realized that truly large funds do not like high volatility.
This is also why @TermMaxFi is becoming more and more interesting; what it is doing now is essentially reconstructing the time value of money on-chain.
Funds have a maturity date, yields are priced, and future cash flows can be traded in advance—these things used to only exist in traditional financial systems.
More importantly, it does not rely on centralized institutions; the entire fixed term market still operates on-chain.
Many people underestimate this change because once a mature interest rate market begins to form on-chain, stablecoins, RWA, and institutional assets will gain the capacity for true large-scale adoption.
In the future, the biggest competition in DeFi may no longer be who has higher yields, but whose yield curve is more stable.
And @TermMaxFi has already started entering this track.
@wallchain @TermMaxFi @River4fun @RiverdotInc