Traditional DeFi Yield Model

:
Assets × Interest Rate × Time = Output

Superform Yield Model
:
Assets × (Base Interest Rate + Σ Overnight Interest Optimization) × Time = Output
Where the overnight interest optimization function f(x) depends on the efficiency of capturing the term spread

Core Difference
:
Revenue sources expand from a single point to a two-dimensional plane
Cross-term arbitrage mechanism achieves daily cash flow optimization
Risk exposure is dispersed across multiple points on the interest rate curve

Technical Implementation Highlights
:
Dynamic position rebalancing algorithm
Real-time interest rate curve monitoring
Automatic rollover decision engine

UP Token Value Support
:
Protocol cash flow discounting + governance power premium + future portfolio option value
Conclusion: This is not a competition of annual interest rates, but a generational difference in yield engineering.