[IOSG Analysis of On-Chain Yield Product Evolution and Bear Market Performance] IOSG researched the evolution of on-chain yield products, from interest-bearing stablecoins to crypto credit products, analyzing 18 sources of yield, including tokenized treasury bonds, native staking, liquid staking tokens, interest-bearing stablecoins, protocol revenue-sharing models, DeFi strategies, DEX LP, market-making, and RWA products. In bear markets, fixed-income products based on stablecoins are more favored due to higher liquidity, while products not backed by stablecoins see a decline in TVL due to the drop in underlying asset prices. The trend of institutions adopting on-chain yield products is becoming evident, with preferred shares and other crypto asset-based credit debt products emerging as key methods.