Gate Ventures Research Insights: DeFi 2.0 Emergence of Curator Strategy Middle Layer, RWA Becomes New Underlying Asset DeFi is entering a new stage of development. From the early growth model driven by liquidity mining, it is gradually shifting towards a focus on capital efficiency and real yield, with DeFi 2.0 reshaping the underlying operational logic of on-chain finance. In this article, we discuss several key changes: • Why "capital efficiency" is becoming the core battleground of the new competition • How incentive mechanisms are evolving from short-term subsidies to long-term value alignment • Why the Curator Strategy Layer is rising as a key asset allocation and coordination hub • How RWA (Real World Assets) is gradually becoming a new generation of underlying asset class in on-chain finance We are at a critical turning point where DeFi is no longer just a capital game pursuing high APY, but is moving towards a more sustainable system that aligns more closely with traditional financial efficiency standards. The future of DeFi will be driven by three core elements: Real Yield, Capital Efficiency, and Sustainable Design. Read the full article: