Many people used to think that fixed interest rates are meaningless in DeFi.

Because everyone assumes the crypto market is highly volatile, high risk, and high reward.
But now I increasingly believe that the true big trend is exactly the opposite.
The more mature the market, the more funds will pursue certainty.
That’s also why I’ve been paying more and more attention to @TermMaxFi.
They are essentially building on-chain fixed income infrastructure. Users can lock in lending rates in advance, unaffected by market liquidity utilization changes before maturity.
Many people may not realize that this is actually very difficult.
Because most traditional DeFi lending protocols rely on shared liquidity pools, and once liquidity utilization fluctuates, interest rates will change dramatically.
Some even discussed on Reddit that the complexity of Aave’s early stable interest rate mechanism was due to liquidity mismatch issues.
And TermMax chooses a term market structure, which is fundamentally closer to the logic of the real bond market.
More importantly, they have already started moving towards institutionalization, including professional Curator management of Vaults, fixed income strategies, and multi-chain expansion.
I am increasingly convinced that DeFi will eventually shift from gambling to capital markets.
And fixed income protocols are very likely to become that turning point.
@wallchain @TermMaxFi