TermMax Daily Topic: Once interest rates emerge, strategies begin to diversify; Before the interest rate market existed, on-chain strategies were actually quite uniform. Essentially, there were only three categories: Going long on price; Providing liquidity; Earning incentives. Everyone was making the same type of money, just through different paths. However, once fixed income appeared, strategies began to diversify. New strategies emerged: Arbitraging yield spreads; Trading term structures; Hedging risks;