TermMax Daily Topic:

When interest rates emerge, strategies begin to differentiate; Before the interest rate market existed, on-chain strategies were actually quite simple. Essentially only three types: Going long on price; Providing liquidity; Capturing incentives.

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