#DeFi社区信任危机 After reading these two articles, I suddenly understand why many people have been asking me recently, "Is it still worth entering DeFi now?"

When I first got involved in 2017, everything on the chain was rewriting the rules. Back then, lending was just lending, with real credit needs. Now? Lending has become a leverage tool, just a form of financing. Lenders have shifted from credit underwriters to liquidity providers. Once incentives disappear, funds exit. This isn’t ecosystem maturity; it’s the ecosystem being optimized into a self-reinforcing speculative system.

The most painful part is the "high-yield trap." Users have been well-trained—taking on risk should come with high rewards. When incentives vanish, they leave. As a result, nothing is truly retained; it’s all short-term leasing behavior. It may look like high trading volume, but it’s just a different flavor of the same old story. The data claiming "adoption" is based on false prosperity.

There’s also the trust issue. Having experienced too many exit scams, contract bugs, and governance black swans, even new projects that boast impressive promises are met with skepticism by smart investors. There’s nothing wrong with cautiousness, but the result is—an exploration sense has died. New things no longer spark curiosity; they only trigger caution. The atmosphere has become serious and dull.

DeFi hasn’t collapsed, but it has lost that sense of "behavior being changed." If it wants to attract people again, it has to do something harder: give capital a reason to truly stay, rather than endlessly chasing incentives. But I doubt whether such a shift is possible without destroying the existing system.

To put it plainly, today’s DeFi is like a chives field repeatedly harvested. Its freshness has been exhausted; what remains is continuous subsidies to existing players. If you still want to participate, ask yourself: Are you doing business, or just waiting to be slaughtered?