Sometimes you suddenly stop and ask yourself whether all of this is really worth it. It's not the anxiety of chasing rapid gains, but a deeper doubt—the entire DeFi world is playing a trust game, and we can't see the rules clearly.

You invest your money into a protocol, then? Then you start relying on that audit report and the founder's Weibo snippets. When liquidation risks arise, the only thing you can do is silently pray that the oracle doesn't malfunction. We keep shouting "code is law," but in reality, behind the code are often vague economic models and scattered risk points, and no one truly takes responsibility.

This dilemma should have changed long ago. What we need is not another PPT presentation or a beautifully packaged vision of the future, but a solid, decomposable, verifiable financial engineering system. This system has a characteristic: it doesn't rely on personal fame, nor on community faith, but only on the rigor of mathematics, the robustness of architecture, and absolute transparency throughout.

Some projects are now trying this path. They don't hype stories about changing the world, but focus on doing one more fundamental thing—using the engineering mindset accumulated over decades in traditional finance to build truly trustworthy infrastructure on-chain. While others are still stacking concepts, these projects are laying the foundation.

The key shift is from "I guarantee trustworthiness" to "My structure guarantees trustworthiness." True trust cannot be spoken into existence; it must be achieved through design. From the underlying assets layer (including on-chain real assets like RWA), to the risk buffer layer, and then to the revenue distribution layer, each layer should be open, traceable, and free of black boxes. Asset sources, collateral ratios, and other figures should be transparent under the sunlight.

This is the path that DeFi should take in the next stage.