This round of the market has a particularly obvious phenomenon: more and more stablecoins, but decreasing stable returns.

The reason is actually very simple; the vast majority of protocols still offer floating yields, and users can never know the future cash flow in advance.
This is also why, in traditional finance, the bond market size is far larger than the stock market.
Because institutions truly need not stimulation, but certainty, so I think @TermMaxFi's direction is very important.
It uses fixed terms and fixed interest rate mechanisms to gradually turn on-chain yields from instant gambling into predictable assets.
Users are no longer limited to betting on the next APR, but can lock in future returns in advance.
Many people think this isn't sexy enough, but truly mature finance is precisely built on these seemingly unstimulating things.
Because only when funds start to stay long-term can protocols form real credit.
Only with the emergence of term structures can DeFi give birth to a complete interest rate market.
On-chain has always been imitating exchanges, but @TermMaxFi is starting to resemble the bond market.
@wallchain @TermMaxFi @River4fun @RiverdotInc