Many people are still talking about DeFi, stuck at high APYs and airdrops.

But for those who truly manage funds long-term, they care more about one thing: whether the source of returns is sustainable.
Recently, when I looked at @TermMaxFi, I felt that its logic is actually more mature than many popular protocols.
Because it doesn't rely on unlimited token issuance to stimulate activity, but instead builds real demand for funds around a fixed interest rate market.
Borrowers pay fixed costs, lenders receive guaranteed returns, which is essentially a structure closer to traditional credit markets.
And now they are integrating assets like Pendle PT, LST, RWA into the system.
This actually reflects a very big trend behind it.
In the future, on-chain assets will become increasingly complex, and users won't be able to manually manage dozens of sources of income every day, so fixed income aggregation and automated strategies will definitely emerge.
The Vault and Curator models from the official side are essentially already evolving in this direction.
I'm increasingly convinced that the truly valuable protocols in DeFi are not necessarily the ones with the best marketing, but those that can repackage complex yield structures into fixed cash flow products that ordinary users can understand.
@wallchain @TermMaxFi