DeFi Evolution: From Speculative Tool to Structural Asset Allocation System

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The global economy has once again entered a turbulent period, with escalating trade frictions between countries. Recently, a certain country suddenly raised tariffs on imported cars to 125%, a move that has attracted widespread attention in the market. Although trade wars are not a new phenomenon, this "upgraded version" has indeed put tremendous pressure on the global capital markets.

In this situation, the stock, commodity, and bond markets have all exhibited varying degrees of risk aversion. However, it is notable that the cryptocurrency market has responded relatively calmly. This phenomenon has prompted me to ponder: in the current structural economic friction, is DeFi regaining its status as a "safe haven"?

Although I was previously reserved about this statement, my perspective is gradually changing now. Here are some of my observations and thoughts:

The relaxation of tax policies brings certainty to DeFi.

In March this year, the senate of a certain country passed a resolution that is extremely friendly to DeFi users, temporarily suspending the requirement for on-chain protocols to report user transaction information. This decision sends an important signal: while it cannot be fully understood as "tax exemption," it implies that the tax compliance pressure for on-chain interactions has been alleviated in the short term.

This provides users with a rare opportunity window to rebuild their confidence in on-chain asset allocation in an environment with minimal regulatory friction. This situation reminds me of the past practice of international capital using offshore markets as a "low-friction channel," and DeFi is likely taking on the embryonic form of this role.

Structural income has become the focus of attention

In the context of increasing market uncertainty, funds often seek investment paths that are "structurally certain," even if the yields may not be as high. This is precisely why Staking-type products are regaining attention. Users stake their assets on the mainnet to earn rewards at the protocol level. This clear logic, predictable path, and relatively low volatility make it more attractive.

Especially in certain ecosystems, on-chain staked tokens can also participate in other DeFi activities, such as lending or liquidity mining. This way, users retain Staking rewards while not completely sacrificing liquidity. This actually forms an on-chain logic that is closer to "structured finance": returns come from the underlying protocol, risks are primarily concentrated at the mainnet security and DeFi contract level, and the entire process's pathways and expectations can be reused and tracked.

On-chain transparency becomes an advantage

Although future tax and regulatory policies remain unclear, it is certain that protocols with complete on-chain records and clear structures will have a stronger long-term survival ability compared to projects with gray operations.

Some structured standard projects are gaining attention. For example, users can stake a certain token to obtain staking certificates, which can then be used for collateral, lending, or participating in liquidity pools. The entire asset path is traceable, and contract actions are public, which is very friendly for future compliance integration.

This combination of "structure + transparency" has effectively become a moat at this stage. While it may not immediately yield exceptionally high returns, it provides stability over time.

DeFi is evolving towards an asset allocation system

In the past, many people used DeFi mainly to "look for arbitrage tools", but now more and more people are starting to build "asset structures". For example, users can stake a certain token to obtain staking certificates, use these certificates to collateralize and borrow stablecoins, and then use the stablecoins to participate in liquidity mining or on-chain physical asset projects, ultimately automating the entire process of compounding.

This operational path is not complex, but it is no longer a simple "speculative behavior"; rather, it is a structural income model on the chain, which can even be likened to a "actively managed portfolio of assets." From this perspective, DeFi is gradually shedding the impression of "high risk and high volatility" and is moving towards more mature financial instruments.

An important opportunity to build on-chain structures

Currently, my attitude towards DeFi is: although it is not a window period for huge profits, it may be the stage before the next slow bull market starts, which is the most worthwhile time to build structures and accumulate positions.

If you believe that macro uncertainty will persist, do not want to invest all your assets in high-volatility targets, and hope to gradually establish a complete system in terms of taxation, compliance, and on-chain returns in the future, then now may be a good time to start building an on-chain "structured income portfolio."

Although certain specific projects or tokens may not necessarily be the optimal solution, their operational paths and mechanisms do possess the characteristics of "explainable, composable, and iteratable," and can become part of such structural experiments.

Although we cannot accurately predict when the next cycle will arrive, building structure from now on is undoubtedly the right direction.