Gate Ventures Research Insights: DeFi Enters 2.0, Curator Strategy Middleware Rises, RWA Emerges as a New Underlying Asset DeFi is entering a new stage of development. DeFi 2.0 is reshaping the underlying operating logic of on-chain finance by gradually shifting from an early growth model driven by liquidity mining to one centered on capital efficiency and real yield. In this article, we discussed several key changes: • Why is "capital efficiency" becoming the core battleground of the new round of competition? • How are incentive mechanisms evolving from short-term subsidies to long-term value alignment? • Why is the Curator Strategy Layer emerging as a key asset allocation and coordination hub? • How are RWAs (Real-World Assets) gradually becoming the next generation of underlying asset classes for on-chain finance? We are at a critical turning point. DeFi is no longer just a capital game pursuing high APY, but is moving towards a more sustainable system reconstruction that is closer to the efficiency standards of traditional finance. The future of DeFi will be driven by three core factors: Real yield, capital efficiency, and sustainable design. Read the full article: gate.com/zh/learn/articles/gat...…