In the DeFi space, the true opportunity has never been about concepts that skyrocket overnight, but rather about the "structural upgrade" of the system itself. Short-term emotions come and go, but a well-designed financial framework can last a long time.

Those DeFi protocols that stand the test of time share a common trait—thoroughly explaining the risks. It's not about promoting how safe they are, but clearly defining the boundaries and how to handle the worst-case scenarios. This allows participants to choose their positions based on their risk tolerance, ensuring the entire system can operate smoothly under different market conditions.

How to judge the true level of a DeFi project? Don't just look at its performance during a bull market; focus on its performance under extreme conditions. When the market is wildly volatile, the differences in mechanisms become fully exposed—whether the liquidation process is orderly or chaotic, whether the liquidity pools can withstand shocks, whether the collateral structure is truly healthy, and how quickly the governance responds. These details are hard to see during stable times, but once the market reverses, they are instantly magnified.

Long-term reliable projects attract genuine capital deposits, not just hot money that comes to make a quick profit and leaves. A stable ecosystem can attract higher-quality applications, creating a virtuous cycle for the entire system.

If you want to treat DeFi as a long-term tool rather than a casino, it’s recommended to develop this habit of observation: focus less on hype and more on studying structural design; don’t just listen to slogans, but examine the real mechanism logic. Long-term profits depend not on luck, but on continuous rational judgment and disciplined execution.