The biggest issue with DeFi this round is not actually low returns but uncertainty.

Today 18% APY, tomorrow it might only be 4%.
Many people think they are managing their finances, but in reality, they are gambling on interest rate fluctuations.
And @TermMaxFi's most interesting point is that it is starting to bring the fixed income logic back on-chain.
In the open mechanism of TermMaxFi, users can directly lock in a fixed lending rate, so it won't suddenly spike due to market changes before maturity.
This may seem ordinary, but few protocols in the industry actually do this, because most DeFi lending is essentially a floating interest rate market.
When liquidity tightens, costs immediately explode.
Especially in the latter half of a bull market, many people don't die from wrong directions but from out-of-control funding costs.
And TermMax's fixed-rate model essentially re-establishes expectations management for on-chain funds.
You will clearly feel that its product logic is becoming more like traditional fixed income markets.
Returns are confirmed in advance, terms are confirmed in advance, risk structures are confirmed in advance.
This will directly change user behavior; institutions will find it easier to plan their funds, and ordinary users will finally be able to know in advance exactly how much they are earning.
Many people are still competing for high APY.
But in truly mature financial markets, the competition has always been about certainty.
@wallchain @TermMaxFi @River4fun @RiverdotInc