Traditional finance, taking public mutual funds as an example, involves raising funds from the public and then purchasing a basket of stocks with different weights. Some of these stocks perform well, while others do not, based on the market's expectations of these companies, earning a return from the investment portfolio.

On-chain funds, taking Ethereum-based strategies as an example, primarily derive returns from LP trading fees, lending rates, price differences in purchasing unpegged assets, airdrop rewards, and so on. The underlying basis is the Lego-like stacking and optimization of DeFi protocol yields. Despite these differences, I feel that DeFi has increasingly exhibited some characteristics of traditional finance this year. #DeFi

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