IOSG: On-Chain Yield Panorama, From Yield-Bearing Stablecoins to the Evolution of Crypto Credit Products" (Authors: Turbo & James) During a bull market, the TVL of all products rises, but in a bear market, performance diverges significantly. In a bear market, investors tend to prefer more stable returns and lower underlying risks, which has driven the growth of yield-bearing stablecoins. High-risk products exhibit multiple layers of compounded risk, funding rate strategies face reduced returns in a bear market, market-making vaults encounter market manipulation risks, and emerging RWA protocols introduce third-party participants, leading to issues of opacity and limited liquidity. Given the current stablecoin supply situation, if all L1 blockchains deployed their own stablecoins instead of relying on USDT or USDC, their revenue could potentially increase by 2-3 times. Read the full article: http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=58112