#DeFi借贷市场 DeFi lending has really collapsed? No, it's more heartbreaking than a collapse. 💔

The feeling of "rewriting the rules in the next second" is completely gone. The current lending market is just a fundraising game—no one really wants to borrow money to use, it's all about arbitrage positions, leverage cycles, and basis trading. You think you're participating in a financial revolution, but in reality, you're just waiting for incentive checks.

What's the most ironic? The system teaches everyone that taking risks requires high compensation, but when new opportunities appear, no one dares to touch them. When incentives stop, they slip away—this is not adoption. This is leasing behavior. The capital that was attracted by the "sense of exploration" back then is now all waiting for the next airdrop.

Once returns become the basic expectation, without incentives, no one will come. This is not progress; it's turning financial infrastructure into a pyramid scheme-style incentive farm. The charm of DeFi isn't gone; it's been drained by our generation of speculators. 🔥

Want to recover? You need to build a real credit structure to give capital a reason to stay— but that's too boring for us who move quickly. So this game continues, and DeFi remains a niche high-frequency arbitrage playground.