TermMax Daily Topic:

When interest rates emerge, strategies begin to diverge; before the interest rate market existed, on-chain strategies were actually quite homogeneous. Essentially, there were only three categories: going long on price; providing liquidity; capturing incentives.

Everyone was making the same type of money, just through different paths. However, once fixed income emerged, strategies began to differentiate. There appeared: those doing interest rate spreads; those doing term structure trades; those doing risk hedging;