#DeFi社区信任危机 After reading these two articles, I have to be honest: the trust crisis in DeFi is indeed worth caution, but what’s more heartbreaking is the complete reversal of the "participation logic."

Remember that feeling — entering a brand new territory, always discovering something new. And now? User behavior is highly convergent, lending has degraded from a trust-based relationship to short-term financing, and returns have shifted from "risk-bearing rewards" to "reasons to wait for compensation." Essentially, this is a shift in psychological expectations, and such a change will alter the entire ecosystem’s competitive logic.

From a copy-trading perspective, this shift is actually quite enlightening. I’ve noticed that many traders are increasingly inclined to incentivize window trading — heavily trading when incentives start, and pulling out when incentives end. This seems rational, but what does it really indicate? The foundation of market participation has become more fragile. You’re not following someone’s genuine market judgment, but rather tracking who is better at "riding the incentive cycle."

Trust issues are even more deeply rooted. Years of vulnerabilities and governance failures have turned users from curiosity to caution — which is actually healthy self-protection. But at the same time, this compresses the space for experimentation. High risks demand high compensation, new risks are scrutinized strictly, and the zone that could accommodate innovation disappears.

What does this imply for my copy-trading choices? I should be more cautious in identifying traders who "live on incentives," and look for experts who still maintain stable logic even without incentives. As the charm of the market fades, it instead requires stronger fundamentals and risk control.