As the speculative frenzy in the crypto world gradually subsides, the DeFi ecosystem is undergoing a quiet transformation. The era of wild growth is behind us, and the focus of new competition has shifted to underlying efficiency, risk management, and long-term sustainability — this is not hype, but a genuine infrastructure race.

At this turning point, more and more projects are realizing: high-yield products are everywhere, but what’s truly scarce are the underlying systems that give users peace of mind and can withstand the cycles of bull and bear markets. The false prosperity created by short-term token incentives is no longer convincing. Current players are pondering a key question — how to maximize the efficiency of every dollar while avoiding pitfalls.

The strategies of these projects are actually quite similar, summarized into three key words.

**First is capital efficiency.** The funds users deposit shouldn’t be idle or misused. They need to be managed through carefully designed strategic frameworks to maximize utilization, while controlling risk exposure. There are two extremes in DeFi: one is idle wastefulness, the other is over-leverage explosions. The real test is finding that delicate balance between the two.

**Second is the risk control core.** One advantage of traditional finance is that risk management is embedded in its DNA, rather than being an afterthought when the market crashes. New projects are now learning this approach, integrating risk awareness throughout the entire process — from architecture design, strategy formulation, to position management — making it more like financial engineering than gambling.

**Third is the authenticity of returns.** No hype, just facts and data. They state the expected returns honestly, without using tricks to deceive. This transparency and honesty have become a competitive advantage.

The next phase of DeFi belongs to projects committed to building "public infrastructure" rather than "amusement parks." When hot money recedes, what remains are the fundamentals.