If interest rates are floating, then most of the returns are actually luck, not strategy.

Today's DeFi lending is, in essence, still a liquidity game. When funds come in and interest rates change, users passively accept the outcome, making long-term planning difficult. This is also one of the reasons why institutional funds still have not truly entered at a large scale.
@TermMaxFi’s direction is closer to the logic of traditional finance—it structures returns and the term structure. By splitting cash flows, the market can price the value across different time dimensions.
Users can choose to lock in returns, or trade future returns; this design provides a foundation for more complex financial behavior.
Of course, the problem is also very real: these markets highly depend on liquidity and pricing mechanisms. If there are not enough participants, prices may be distorted, and even affect overall efficiency. At present, it is still in an early stage—more about validating the model rather than already being mature.
But in the long run, the value of this path is clear. If DeFi is to move from short-term games to a truly financial system, fixed interest rate and maturity markets are almost unavoidable. What @TermMaxFi is trying to add is exactly this layer.
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