Another trading platform has changed its incentive mechanism, shifting from dynamic scoring to post-event airdrops. This may seem insignificant, but it reflects a more and more obvious issue in the entire DeFi space—the套路 of attracting liquidity through token rewards has become increasingly complex and difficult to sustain.

In contrast, some established protocols have chosen a different path. Take a leading lending protocol with a locked-in scale of over $43 billion as an example. They focus on a simple and straightforward product: purchasing US Treasury-backed stable assets with an annualized yield of about 4%. It’s that simple. Users deposit USDT and receive real cash flow, without guessing when the project team will airdrop or how much. This is the most practical demand in volatile markets—the need to find a reliable "yield base" for assets.

This product is not only a financial tool but also an entry point for transformation. The ambition of this protocol is significant: first, establish a stable income foundation through RWA (Real World Assets), then use this certainty to support more aggressive innovations—such as on-chain credit lending, a disruptive idea. Although some community members question the difficulty of implementation, this "stability first, then innovation" strategy appears more solid compared to projects that keep drawing pie-in-the-sky visions and hope for future airdrops.

In essence, the DeFi space now presents two different paths: one involves projects constantly adjusting rules and changing tricks to maintain hype; the other involves protocols creating real value through verifiable products. The former is a clever game of tokenomics but with a fragile foundation; the latter returns to the essence—offering tangible and visible yields. For funds seeking steady growth, the latter’s appeal is gradually increasing.