After spending a long time in this market, you will inevitably feel a bit uneasy.

It's not that you don't want to make money; the key is that you'll increasingly understand a truth: what can truly destroy the entire system is often not a sudden crash, but the risks that everyone overlooks, gradually accumulating over the years.

Over the years, we've seen many "seemingly stable" profit strategies—stablecoin arbitrage, Delta-neutral strategies, funding rate harvesting, liquidity mining stacking, and re-staking modes. Any one of these can be justified on its own, but once placed into a real market environment and operated continuously, the flavor begins to change.

Interestingly, some of the recent new ideas are instead asking a more painful question: how can on-chain yields survive long-term?

**The core issue lies in the structure, not the yield**

Imagine your situation. You hold BTC, ETH, or a few long-term promising assets. The prices don't want to move, and you can endure the cycle, but the reality is in front of you—you need to use this money.

Traditional DeFi offers only two options. One is to sell, and the other is to collateralize for a loan. But borrowing means constantly watching the liquidation line, and a single fluctuation can keep your heart in suspense.

These models seem fine on the surface, but their underlying assumptions are fragile. They assume you can respond to price swings, liquidation threats, and psychological shocks at any time. But in reality? Most people don't lose because they see the wrong direction; they are passively eliminated—forced to sell, forced to be liquidated, forced to admit losses.

The real solution is not to pile up more complex yields but to fundamentally change this passive situation. Enable users to obtain cash flow without losing ownership of assets or bearing liquidation pressure. This is the truly sustainable long-term direction.