There has been a noticeable change in the market recently: more and more funds are shifting from pursuing high APY to seeking more stable and predictable ways of earning. In the past, the most attractive aspect of DeFi was high returns, but as the market gradually matured, people began to realize that high returns did not necessarily mean good returns. How to reduce volatility and improve capital utilization may be the core of DeFi competition in the next stage. This is also the reason why I have been following @ TermMaxFi recently. TermMax Alpha is about to launch Dual Investment Vaults, bringing a new way of combining returns: Part of the income comes from @ aave's passive income; The other part comes from the premium paid by the put option buyer. If the option is not exercised, the user can receive dual benefits; If exercised, the asset will be received at the exercise price set by oneself. Simply put, you are not only making profits, but also laying out assets at a price that you recognize. I think this design is more suitable for the current market environment. Many people are optimistic about the long-term value of BTC and ETH, but are concerned about short-term fluctuations and unwilling to directly chase after them. The dual investment treasury provides a new approach: making funds work while planning one's own buying price in advance. In the next stage of DeFi, it may not just be about whose APY is higher, but about who can provide more mature fund management tools. From fixed interest rates to structured returns, TermMax is exploring more possibilities in the on chain returns market. Continue to follow the development of @ TermMaxFi Alpha.