Looking at the development path of DeFi over the past ten years, there is a phenomenon that is particularly worth pondering: new protocols are emerging continuously, AMMs solve exchange efficiency, lending protocols handle capital utilization, stablecoins address price anchoring, cross-chain bridges expand the ecosystem... each one is a tangible innovation. But here’s the problem—these innovations are isolated and fragmented, like experiments placed on separate shelves, with no connection to each other. Over ten years, on-chain asset numbers have increased, ecosystem enthusiasm has grown, and new projects keep emerging, but the entire industry has never established a true financial system architecture, let alone formed a "stable operational structure."

Some say DeFi is already mature. But as soon as you experience an on-chain crisis firsthand, you realize that "maturity" is actually an illusion. When a stablecoin loses its peg, it immediately triggers a chain of liquidations, dragging several leading protocols into chaos; if a bridge on a public chain encounters issues, liquidity across other chains evaporates instantly; during extreme market volatility, the entire chain is like losing power, exposing systemic fragility. These collapses are never caused by a single protocol’s fault; the root cause is that the industry has never built the necessary framework. An industry lacking a structural framework is doomed to be in a state of repeated experimentation—each market shock resets the system to zero, forcing a rebuild from scratch.

Perhaps change should start from this mindset: no longer just point-by-point innovation, but truly constructing a resilient, logical, and self-consistent financial system.