Many people always focus on the yield rate when looking at DeFi, but this actually causes them to miss the more core aspects. If you look at it from a different perspective—treating DeFi as a comprehensive set of financial infrastructure rather than just a profit game—the project's value proposition becomes much clearer.

Taking projects like Ferra Protocol as an example, their design logic is obviously different. Rather than saying they are here to generate returns, it's better to see them as building a truly efficient financial layer. Considering issues systemically—how liquidity is allocated, how risks are managed, how assets circulate—these answers determine how far a DeFi project can go.

In other words, projects that position themselves as "components of a financial system" rather than "profit products" tend to be more sustainable. Because the former cares about sustainability and ecological value, while the latter ultimately faces a death spiral of declining yields. This is why understanding a project's financial design logic is more important than simply comparing APY.