Very insightful, I have learned from this

The current DeFi market is at a critical turning point. The previous model, which relied on high liquidity mining (Yield Farming) inflation rewards to attract TVL (Total Value Locked), has shown signs of fatigue. Once token incentives decrease, funds quickly withdraw, leaving a mess behind. This short-termism of 'mining, withdrawing, and selling' not only harms the health of protocols but also leaves many users seeking stable returns at a loss. The market is calling for a new paradigm: a sustainable income model that does not rely on Ponzi inflation, based on the true profitability and value capture of the protocol.