DeFi is undergoing a transformation—from solely competing in liquidity scale to a new stage of financial complexity.

In this shift, some projects choose to follow a standardized approach, focusing on trading or yield aggregation; but truly imaginative projects are those that dare to introduce structured finance. They bring complex logic from traditional finance—such as interest rate pricing, risk splitting, and yield layering—onto the blockchain, building a universal financial infrastructure layer.

This is the key—not just applications, but infrastructure.

Once you understand what structured products, maturity mismatches, and cash flow reorganization are, you'll realize why this layer is eventually needed on-chain. Especially when real-world assets (RWA) truly enter the blockchain at scale, it’s impossible to remain at the primitive stages of "collateralized lending" or "simple trading"—they must be re-priced, disassembled, and recombined.

From this perspective, projects that choose to develop in the structured finance track are essentially preparing for the RWA era. The future of on-chain financial competition will not be a TVL number game, but who can become the optimal structural choice for real assets entering the blockchain.

This path is worth continuous attention.