After the Farming Era, Where Will DeFi Go?

If DeFi wants to make significant progress in the future, it must have the determination to "cut off its limbs," gradually breaking free from its dependence on "liquidity mining" and truly establishing itself on the intrinsic value of DeFi itself. "One day in crypto, one year in reality" - this is a rule summarized by classical crypto investors. But now, it seems we should add another phrase: "One day in DeFi, one year in crypto." Over the past half month, the DeFi market has performed like a roller coaster with dramatic ups and downs. Most DeFi tokens, after reaching staggering highs, have collapsed in an avalanche, with prices repeatedly cut in half.