While many DeFi projects are still struggling to survive, a leading lending platform on a top public chain has already started to pursue bigger ambitions with a locked-up scale of over $43 billion. Moving beyond the simple "pawnshop" model (over-collateralization), this time they aim to create an "on-chain financial department store."

The new strategy has two appealing directions. One is already underway—RWA (Real-World Assets). They are using USDT to purchase packaged US Treasury bond products, with an annualized yield of around 4%. It sounds simple but carries significant implications: directly bringing traditional financial stable returns onto the blockchain. In the current low-interest environment, this approach is indeed quite attractive.

The other is the real gamble—developing on-chain credit lending. The logic is ambitious: in the future, you won’t need collateral anymore; as long as your on-chain credit record is solid enough, you can borrow an unsecured loan. This essentially aims to disrupt the entire DeFi lending model.

There are two camps within the community. Supporters argue straightforwardly: with $43 billion in assets, there’s ample room for trial and error. Using stable income from RWA to fund new ventures is entirely feasible. Critics, however, point out that they are trying to do everything—exchanges, lending, prediction markets—stretching their resources too thin. If their focus is too divided, they might even lose the core advantage of lending.

Essentially, they are playing two different games. One seeks stability and income, earning through traffic and mature products like RWA; the other bets on the future, aiming to break into the uncharted territory of "credit loans." For investors, the most practical approach might be to first allocate some idle funds to experience the already established RWA financial products for stable returns. As for those grand future stories, it’s better to wait until real products and data are available before making decisions. In DeFi, surviving well is far more important than rushing to grow fast.