There are only two paths left for the future development of DeFi: low-risk DeFi (a concept proposed by Vitalik) and pure Ponzi schemes. Products with a middle-ground positioning will feel very strange. If there’s no opportunity for returns over 100%, the financial risks on-chain are enormous—extremely high capital costs, contract security, moral risks, and so on. People will gradually realize that bearing all this pressure just to chase double-digit APY is really not worth it.