The next phase of DeFi won’t be about trading access—it’ll be about who can create financial products. Over the past few years, DeFi has gone through several distinct phases. The first phase solved this problem: How to exchange assets. The emergence of DEXs allowed users, for the first time, to trade assets directly on-chain without relying on centralized platforms. The second phase solved this problem: How to generate yield from assets. Mechanisms like lending, staking, and liquidity mining enabled previously idle on-chain assets to start earning returns. But as infrastructure matures, the next challenge is emerging: Who can create new financial products? I believe this will be a key battleground in DeFi’s future. Until now, users could only choose from products pre-designed by platforms. Want to trade a specific asset? Wait for the platform to list it. Want a certain type of yield? Wait for a protocol to launch a strategy. The power to create financial products has largely remained in the hands of a few protocols. But a truly open financial system shouldn’t just let users consume products—it should empower more participants to create them. This is one of the main reasons I’m following @Hertzflow_xyz. It’s not just another leveraged trading protocol. It’s attempting to build an on-chain environment for producing financial products. Through: Pool — Providing the foundational liquidity. Vault — Enabling diverse strategies to be deployed and executed. Liquidity mechanisms — Allowing capital to flow into broader financial use cases. Strategy space — Empowering professional teams to experiment with novel trading models. What emerges isn’t just another trading venue—it’s a system where multiple roles collaborate in financial innovation. Users can discover trading opportunities. LPs can provide capital and earn returns. Strategy teams can design new financial models. The community can explore novel asset and market combinations. This differs from traditional finance, where product design is typically controlled by institutions, and ordinary users are merely participants. The defining feature of on-chain finance is openness. In the future, we may see more financial products co-created by communities, strategy teams, and protocols. Of course, this path isn’t easy. An open financial system must overcome long-term challenges like liquidity depth, risk management, and liquidation mechanisms. But the direction itself is worth attention—especially within the BNB Chain ecosystem, which already boasts strong user and asset scale. The critical question in the next phase may not be whether more assets are available, but rather: How can these assets be activated in more financial use cases? If Hertzflow can gradually refine its ecosystem, its value may extend beyond being just another trading protocol— it could become infrastructure that enables continuous on-chain financial innovation. DeFi’s first phase made assets liquid. Its second phase made them yield-generating. Its third phase may belong to the platforms that can create new financial products. And Hertzflow is actively exploring exactly this path. #bnbchain #BTC