TermMax Daily Topic: Early DeFi was more like a yield pool, with everyone chasing the same source of returns: liquidity mining, trading fees, funding rates; but when fixed income appeared, the market began to stratify, leading to: funds that only pursue stable returns; funds willing to accept higher volatility for higher rewards; and neutral funds engaging in maturity arbitrage; this means that yields are no longer singular and are beginning to form tiers.

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