Does DeFi really need that much high yield, or have we been using volatility to mask structural issues?

Most protocols boost APY through incentives, but once subsidies decrease, returns collapse immediately. This isn't really profit; it's just transfer payments.
That's also why I've recently refocused on @TermMaxFi. Instead of continuing to chase high interest rates, it tries to turn the lending market into a "priceable time market."
Different maturities correspond to different interest rates, allowing users to choose based on their expectations rather than passively accepting floating results.
This logic sounds very traditional, but on-chain, it's actually rare. Most protocols care more about liquidity scale than the interest rate structure itself.
More importantly, this fixed-term design can naturally reduce the frequent inflows and outflows of short-term funds, making capital more stable instead of being driven away by incentives at any moment.
But the problem is also real: this model requires higher user awareness and relies more on market depth. If liquidity is insufficient, pricing will become distorted.
So the key isn't whether the mechanism is advanced, but whether there is enough genuine demand to support it.
If it's just a different way to generate yields, it doesn't mean much. But if it can truly establish a "term interest rate curve" on-chain, its impact would go beyond just one protocol — it could reshape the entire DeFi pricing model.
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