The next phase of DeFi might not be about yield, but about risk structure. Over the past few years, the market has been used to evaluating opportunities with one metric: 'What’s the APY?' But those who’ve truly experienced bull and bear cycles know: The higher the yield, the greater the underlying risk. Leverage, liquidation, volatility—these have always been core challenges that DeFi can’t avoid. I believe the core direction of the next wave of DeFi will shift from 'chasing higher yields' to: How to redesign risk so that different types of capital can find yield structures that suit them. The yield-splitting mechanism of f(x) Protocol is exploring this direction. fxUSD, xPOSITION, fxMINT, fxSAVE, fxTrade... At its core, it’s an attempt to deconstruct yield and risk. The market won’t always reward the most aggressive players. In the long run, financial designs that can withstand cycles are where true value lies. #DeFi #ETH #Crypto