Many people haven't realized yet that the biggest problem with DeFi is not actually low returns, but the inability to plan long-term.

Today’s 12% APY could drop to 2% tomorrow.
In such an environment, users simply cannot establish a true compound interest logic.
Recently, I revisited @TermMaxFi, and I actually think it captures a very core but long-overlooked direction in DeFi.
Fixed income.
According to official information, they use a fixed-rate lending and borrowing mechanism, through the maturity market and fixed interest rate structure, allowing users to know their borrowing costs and returns in advance.
Behind this design, it’s very close to the traditional bond market.
Because as financial markets develop, they inevitably move from high volatility to predictability.
The big capital doesn’t need stimulation, but stable cash flow.
And they are not just doing simple fixed lending; they also combine Vaults, Curators, leverage strategies, and Pendle PT assets.
In plain terms, it’s no longer just a simple lending protocol, but an evolution toward fixed income infrastructure on the chain.
I actually quite agree with this direction.
Because in the future, protocols that can truly attract institutional funds are likely not Meme tokens, nor pure farming, but those that can make on-chain yields start to be as calculable, manageable, and tradable as bonds.
@wallchain @TermMaxFi