Today, coincidentally, I was chatting with a brother who has been working on the structured Defi track (@ sigmadotmoney) at Bnbchain for a long time. I found out that although the market is changing, they are still working hard to update their products, and the team has even hired new members. The projects that have released coins now, even at the level of 'Heavenly Death', are all lying idle. After taking a look at them, I noticed that their Twitter updates are quite frequent, so I was curious and took some time to experience their new products. Although the UI looks a bit simple, it logically solves a pain point: When you make money by going long, traditional trading platforms can only choose between closing positions to lock in profits or continuing to hold positions to bet on price increases. Sigma's Mint feature allows you to safely withdraw your capital and continue riding the trend with remaining profits, which is indeed an operation that traditional CEX cannot achieve. I am a dead long of BNB. Previously, I mostly went long on Binance, but when the market comes, I do need to continue paying capital fees, especially when the trend comes, the long-term holding fee is also a significant expense. They pioneered a "Volatility Tranching" mechanism on the BNB Chain, which splits income oriented BNB assets into two parts: the stable end (bnbUSD, eating BNB staking income) and the volatile end (xBNB, retaining price exposure and leverage). This is equivalent to replacing capital costs with returns, fundamentally eliminating the holding costs of long positions. Overall, I think this product is still suitable for users who understand DeFi mechanisms, are bullish on BNB, and can bear the risk of protocol zeroing. But now there are also some flaws, which I have pointed out to him 1. At present, only the BNB bullish direction of the product can generate profits while engaging in multilateral trading, so it is necessary to find a good entry point in the bear market. 2. The UI is slightly rudimentary (but considering that real Defi players don't care so much about the interface) ） There are not many teams willing to bury their heads in developing and making products now. Write down your experience with code words. Brother said that their cooperation with Ondo is already on the way and will be launched in April. He wishes them all the best and hopes that more resilient teams will survive the cold winter when the bull market comes.