The true difference between DeFi projects doesn't lie in how high the short-term returns are, but in whether they can sustainably provide usable capital efficiency — this is the real moat.

How to judge? Just look at these dimensions:

**Is the quality of collateral stable and robust?** This determines the system's resilience under extreme market conditions. **Is the liquidation mechanism orderly enough?** Larger fluctuations reveal the strengths and weaknesses of the design. **Is the depth of the liquidity pool maintained stably?** Stability in depth indicates participant confidence. **How timely is the governance response?** The ability to quickly respond to emergencies is crucial.

During market volatility, these details best distinguish "fleeting excitement" from "truly reliable projects."

A structured and sustainable design allows participants to choose positions according to their risk preferences, keeping the entire system orderly and transparent amid turbulence. Long-term capital will stay, and only then can the ecosystem truly expand.

If you want to use DeFi as a long-term tool, it’s recommended to establish your own observation framework — rely less on short-term fluctuations, and more on mechanisms and data to make judgments. Long-term success comes from long-term discipline.