I've been checking the leaderboards these past few days and noticed my points are increasing incredibly slowly, only a few hundred a day. It might be due to incorrect tagging or poor posting timing. But since I can still submit, I'll keep writing and take it slow. Currently, I have 169K MP points, ranking 18th. This position is actually quite comfortable; I don't have to anxiously strive for higher rankings every day, nor am I blindly optimistic. It allows me to calmly observe more realistic aspects. Recently, I've noticed that this tiered points system, over time, might subtly alter everyone's actual financing costs. It's not just emotional speculation; this observation is becoming increasingly clear. @TermMaxFi's design was initially very clean: fixed interest rates, settlement at maturity, and a fully transparent Leaderboard—everyone sees the same interest rate curve. However, after participating for a while, you'll find that while the interest rates on the screen are the same, everyone's actual costs are not necessarily the same. The difference isn't in the contract terms, but in your position within the ecosystem. High-scoring users receive XP, MP, and various incentives, which, while not directly changing the borrowing rate, significantly reduce their net cost. New users see a 7% interest rate on a single loan, while existing users, including reward rebates, might only receive 6% or even less. The interest rate remains the same, but the real cost differs significantly due to tiered pricing. Going deeper, when a new market opens, those familiar with the rhythm can jump in immediately and reap the most favorable interest rate. Newcomers are still figuring out the rules, farming badges, and completing tasks; by the time they understand and enter, the curve has already changed. Within the same market, different entry orders naturally lead to different costs. There's also the information layer. Public leaderboards are inherently good—transparent and verifiable—but attention naturally gravitates towards those at the top. Those at the top are more likely to be seen, receive feedback, and anticipate market trends. Over time, this creates a compounding effect not on assets, but on position and perception. I think in a fixed-interest-rate market, interest rates can be the same, but position changes costs. This might be the most real long-term impact of a points system. Personally, I quite agree with #TermMax's direction. Fixed interest rates, structured liquidity, and RWA collateral are all pushing on-chain lending towards a more mature market. However, the more mature it becomes, the more we need to address the question of whether ordinary users will still be able to access the same favorable financing conditions if incentives are consistently concentrated at the top. It's not about weakening the strong, but about ensuring a place for newcomers. For example, creating a cold start pool for new users, giving special weight to the first few real loans, or using referral bonuses that gradually diminish. These aren't complex; they simply level the playing field and allow more people to truly participate. What do you think? In the long run, will the points system mean that only a few people in DeFi can access the optimal financing costs? Feel free to share your observations. 👉app.termmax.ts.finance/alpha/c...… #TermMax #DeFi #Oracle #RiskManagement #BNBChain #ProjectResearch #DYOR This tweet is not investment advice. Cryptocurrency is risky; invest with caution! twitter.com/Domingo_gou/status...