When we talk about the next stage of decentralized finance, many people are still focusing on promises of high yields. But the real opportunity may lie deeper—comprehensive upgrades in capital efficiency.

Recently, a fascinating shift has occurred in the DeFi ecosystem. Represented by some emerging protocols, they are no longer solely competing for staking yields but are shifting their focus toward the overall utilization efficiency of assets.

The most direct manifestation is the deep integration of liquidity staking and collateralized lending. Imagine your crypto assets earning staking rewards while also being convertible into low-interest loans when needed—this changes users' understanding of assets. It’s no longer a binary choice of one or the other, but enabling each asset to realize greater value.

The core value of this model lies in activating the dormant productivity of crypto assets. Users retain ownership of their assets but can gain credit capacity through the protocol’s mechanism design. In a sense, this is like equipping crypto assets with a "financial engine."

Interestingly, such innovations have gained recognition from mainstream ecosystems. Strategic support from multiple leading institutions and protocols reflects a market demand for such underlying financial infrastructure.

Of course, while efficiency is improved, risk management cannot be relaxed. Over-collateralization, on-chain transparent rules, and mechanized risk control—these elements are indispensable. Community discussions also show that users are gradually shifting from purely pursuing yields to deeper understanding of mechanisms and risk assessment.

From an ecosystem perspective, open collaboration is also crucial. Cross-protocol interactions and upstream-downstream connections are ultimately necessary to create a truly seamless user experience.

My view is that these foundational protocols focused on optimizing capital operation efficiency may be the key puzzle piece for DeFi to achieve large-scale adoption. They may not generate the most eye-catching market news, but they lay the groundwork for the long-term stability and sustainability of the entire ecosystem. Paying attention to industry evolution means not overlooking those projects that meticulously refine fundamental elements behind the scenes.