By the end of 2025, the on-chain world fell into an unusual lull. If a bull market is like a surging tide, then the current market situation resembles a prolonged dry spell. Many choose to "hibernate" during the bear market, but savvy players know well—that this is precisely the best opportunity to build a stable cash flow.

A new project is doing one thing: not relying on sudden surges (i.e., explosive growth), but instead squeezing continuous returns through meticulous liquidity management and intelligent algorithm optimization, even in seemingly arid market environments.

What is the real issue at hand? Fragmentation of liquidity. According to the latest on-chain data, Ethereum Layer 2 networks have absorbed over 60% of retail trading volume, but the yield differences between protocols are wildly disparate. Imagine if there were a system that could break down complex derivatives strategies into "Lego blocks," allowing you to automatically capture profit opportunities across different protocols without constantly monitoring and adjusting positions—that's the modular vault design many are paying attention to now.

In the current environment, there are three main approaches worth exploring:

First is the Delta-neutral arbitrage model. This trick is especially useful in a volatile but overall downward bear market. Instead of holding onto coins and worrying, you can hedge by shorting on decentralized perpetual contract platforms while providing long spot liquidity in liquidity pools. This way, you’re not afraid of price fluctuations, and stable fee income becomes your "risk-avoidance air conditioner."