The DeFi lending market is undergoing a significant transformation. We believe that future lending protocols will no longer rely on high incentives to attract users, but instead focus on enhancing user stickiness and long-term value creation.

What does this mean? The traditional "mining reward bombardment" strategy is gradually becoming ineffective. What truly retains users are the product's usability, security, and sustainable revenue models. Lending platforms need to build a more complete ecosystem that encourages users to participate long-term, rather than chasing short-term incentives and then abandoning the platform.

This shift has profound implications for the entire DeFi industry — marking a transitional leap from wild growth to mature operation.