Rug pulling is just a way to get in; it's not the end goal!

Short-term incentives can attract people, but they can't retain genuine capital. What truly keeps capital on the chain long-term is never token circulation or mercenary liquidity, but the infrastructure of the capital markets: yield curves with maturity structures, fixed income products, structured liquidity that can be combined, and risk markets where downside can be defined.
As DeFi continues to grow, the questions will also change. People will no longer just ask how high the APR is today, but whether costs can be locked in, whether maturities can be managed, what the worst-case scenario is, and whether there's a way to break down, price, and trade risks. This is a shift from farm mentality to capital market thinking.
The next phase of DeFi won't be driven by emotional hype, but by efficiency through structure.
Rug pulling is not the end; the goal is to establish capital markets on the chain and truly build the native financial infrastructure of the internet. Will TermMax always stay true to its original intention? We'll see!
Personal notes only 📝