Many people always think that innovation in DeFi has come to a halt.

But I actually believe that true innovation is just beginning to move from the trading layer to the interest rate layer.
Because in the past few years, almost all protocols in the industry have been competing for liquidity, but few have seriously addressed the issue of funding pricing.
And what @TermMaxFi is doing essentially is rebuilding the interest rate curve on the chain.
They use fixed-term markets, maturity mechanisms, and fixed interest rate structures to turn funding costs from dynamic fluctuations into predictable structures.
Many people might think this is just a product detail, but it is actually very critical.
The core asset pricing tool in traditional finance has never been spot, but the interest rate curve.
Bonds, credit, futures—almost all large-scale financial products are built on the interest rate system.
And one of the biggest problems in DeFi in the past was the lack of a truly mature term interest rate market.
So I am increasingly convinced that fixed income protocols are not a niche direction, but a necessary step for the maturity of the entire on-chain financial system.
Especially when they start integrating Curator, Vault, Pendle PT, and multi-chain assets, it is clear that they are no longer just simple lending protocols, but evolving into an on-chain fixed income ecosystem.
@wallchain @TermMaxFi