Have you ever had this feeling: when locking ETH to exchange for DAI, suddenly realizing that something doesn't seem quite right.

Clearly just trying to make your assets more liquid, why do you end up owing a debt? Every day you have to watch the liquidation line nervously, afraid that a fluctuation will wipe you out.

This design logic is fundamentally flawed.

It wasn't until the emergence of the new concept of "debt-free minting" that this scam was truly exposed. Instead of "borrowing," it's better to directly "convert." Deposit BTC, mint USDf—zero interest, zero liquidation risk. What about the excess collateral value? The protocol uses complex hedging strategies to absorb market volatility risks. The risk is no longer on you but handed over to the algorithm.

In simple terms, you're just holding assets in a different way.

Traditional lending models box you into being a debtor, forever bound by that identity. The new model allows you to maintain your status as an asset owner—that's the key difference.

Even more interesting is the design of the yield engine. It doesn't rely on a single strategy—61% of the returns come from options strategies, 21% from funding rates and staking, and the rest from various arbitrage opportunities. What's the benefit of this? Whether the market goes up, down, or oscillates, it can find ways to make money.

But the real game-changer is still to come.

In the 2026 roadmap, they plan to bring real-world global assets—government bonds, stocks, real estate—onto the chain as liquidity. Imagine directly minting stablecoins using Japanese government bonds or tokenized gold. This isn't just DeFi hyping in its own little circle; it's transforming the liquidity logic of global assets.

So, don't be confined by the concept of "lending."

The next-generation DeFi battlefield is truly seamless, debt-free asset conversion. Whoever can make users hold with peace of mind and move freely will be the last to laugh.