There is a very obvious change in this cycle.

In the past, everyone was leveraging, essentially betting on luck.
Lending rates fluctuate at any time, Funding can spike at any moment, and many strategies fail not because of the wrong direction, but because of the cost of capital.
So when I first seriously studied @TermMaxFi, I actually felt a strong sense of traditional finance familiarity.
Because what they are doing is actually a fixed-term credit market on the chain.
Lenders and borrowers lock in interest rates and maturity dates at the start of the transaction, rather than having completely floating rates like Aave.
This change is actually very important.
Because truly professional capital management never relies on unpredictable costs.
The official push for one-click leverage now essentially automates the complex cycle of borrowing and lending, while fixing the interest rate.
Users don’t need to manually loop, nor worry about sudden rate spikes midway.
I increasingly believe that in the future, DeFi will see a very clear layering.
Some protocols will continue to serve high-risk speculation, while others will gradually evolve into a real on-chain fixed income market.
And TermMax is more like the latter.
Because once the market begins to enter an institutional phase, capital values not the highest returns, but who can provide the most stable and transparent risk structure.
@wallchain @TermMaxFi