Many people in the past essentially bet on market sentiment when doing DeFi.

But after the emergence of fixed-rate protocols, the industry has gradually entered another phase, the cash flow phase.
Recently observing @TermMaxFi, it becomes clear that its product logic is increasingly similar to fixed income desks in traditional finance.
Not only does it support term-based lending, but it also supports curator vaults that automatically manage fund allocation.
This is very important because ordinary users simply don't have the energy to rebalance their portfolios every day.
Most people neither monitor funding nor manage interest rate risk, and in the end, they can only chase hot trends.
The emergence of curator vaults essentially packages professional strategies into simple entry points.
Users don't need to understand complex structures and can still participate in the fixed income market, which significantly lowers the barrier to using DeFi.
Especially as more RWA, stablecoin yields, and restaking returns are integrated, on-chain markets will increasingly resemble real bond markets.
Funds will start to pursue matching in terms of maturity, risk, and cash flow, rather than just chasing APY numbers.
Many people are still discussing memes, but what truly attracts long-term capital are often these infrastructure components that don't seem very sexy.
@wallchain @TermMaxFi