Recently, many people have been complaining that DeFi is no longer profitable. Actually, the core issue isn't the market itself, but that everyone is clustering around doing the same thing. Liquidity mining, lending interest, perpetual fee rates—these outdated strategies are being squeezed out, and no one can make a profit.

This phenomenon makes me more optimistic about a type of active yield strategy. Take Walrus, for example; its approach is quite different. Instead of sticking to a few outdated pools waiting for returns, it lets the strategy library find opportunities based on real-time on-chain data and funding costs. When market conditions change rapidly, it adjusts quickly; when new opportunities emerge, it might have already targeted them; when a certain yield point gets overcrowded, it shifts to the next promising place.

What we hold isn't a static mining pool, but a continuously self-iterating mechanism that hunts for Alpha. In this unpredictable crypto market, such adaptability and flexibility are the true shields of protection.