According to CoinMeta, Ground COO Stephanie Vaughan stated that the current DeFi industry has fallen into a "yield war," where market participants focus on how to gain access to the distribution channels of fintech platforms, while ignoring the real issues that users need to solve. She pointed out that Robinhood, Coinbase, Revolut, and Kraken are competing for user funds, while protocols such as AAVE, Morpho, and Ethena are competing in lending strategy infrastructure. Stephanie believes that the pricing power of DeFi products is close to zero, with many yields coming from subsidies from platforms and service providers rather than the actual demand of the products themselves. She also mentioned that some multi-strategy vault products have issues such as idle funds and slow governance processes, leading to a gap between the actual returns for users and the claims made in their promotions. In contrast, traditional financial products like money market funds allow funds to be utilized immediately. She stated that in the future, DeFi should start from user needs and build products that are closer to an individual's execution environment, with the focus of competition shifting to infrastructure such as MPC wallets, allowing users to retain control over their strategies.