TermMax Pricing Time Authority: Why Does the Crypto Market Urgently Need a Real Yield Curve? In DeFi, the term "capital efficiency" is often misunderstood; many people equate it with — the higher the yield, the higher the efficiency. But in a professional financial context, the true meaning of capital efficiency is: the intensity and stability of fund usage under controllable risk; if the yield is 30%, but interest rates double tomorrow, and liquidation thresholds change at any time,
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TermMax Pricing Time Authority: Why Does the Crypto Market Urgently Need a Real Yield Curve? In DeFi, the term "capital efficiency" is often misunderstood; many people equate it with — the higher the yield, the higher the efficiency. But in a professional financial context, the true meaning of capital efficiency is: the intensity and stability of fund usage under controllable risk; if the yield is 30%, but interest rates double tomorrow, and liquidation thresholds change at any time,