"Robust High Returns" in the Web3 World: From Incentive Dividends to Structural Innovation

Recently, a seemingly simple question in the crypto community has sparked widespread discussion: How to achieve a 10% annual return on a capital of 10 million in the current market environment? This question reflects the current state of the crypto market: incentive rewards are gradually fading, stable returns are becoming scarce, and investors are beginning to reassess the return structure itself.

In traditional finance, an annualized return of 10% usually indicates high risk, high leverage, or low liquidity. The high returns that Web3 once offered were more a result of incentive-driven bubbles rather than efficiency improvements from the underlying structure.

With the exit of the "sheep shearing" economy, the yields of DeFi blue-chip projects are falling, on-chain trading volumes are continuously declining, and capital efficiency is gradually becoming the focus of the market. The core issue facing the current market is: in the absence of subsidies and a bull market, can Web3 still provide sustainable yield solutions for conservative capital?

The DeFi boom is fading, and funds are shifting towards substantive applications and structural optimization

Currently, most users have realized that relying solely on airdrops is insufficient for long-term sustainability, and the structural issues of on-chain liquidity are becoming increasingly prominent. On one hand, the incentive model is difficult to maintain; on the other hand, competition for liquidity between DeFi protocols is intensifying, yet the infrastructure itself has not achieved a qualitative leap. Most scaling solutions are still replicating the old model of Ethereum, and on-chain matching performance is far from meeting actual trading demands.

In this context, funds began to seek new yield structures, focusing not on speculative assets, but on investing in systems that can generate actual on-chain cash flow and enhance transaction efficiency.

The market begins to focus on two directions:

1. Aimed at professional traders, reconstructing the on-chain trading infrastructure of the matching system.
2. Developer-oriented, providing a composable service layer with standardized trading modules.

On-chain matching system designed for professional traders

A certain full-chain perpetual contract protocol operates on a self-developed L1 chain. This project currently has no tokens and no incentives, but its trading depth has ranked among the top three in the entire network for several months.

This is not a coincidence. The project redefines the performance standards of on-chain perpetual contracts, adopting a "centralized experience + on-chain settlement" design to create a system that is closer to the usage habits of professional traders. Its self-developed L1 chain supports sub-second matching while achieving low slippage and low gas costs, sufficient to support frequent trading of large amounts of capital.

More importantly, the project does not position itself as an "airdrop platform" or "retail entry point," but rather as a structured product aimed at high-frequency traders. In this system, returns come from real trading depth rather than from incentive stacking.

For funds like "10 million", this is exactly the new on-chain capital strategy: not pursuing one-time short-term gains, but seeking transaction infrastructures that gather real users, have high capital efficiency, and possess long-term depth.

From On-Chain Matching to Standardization of the Trading Module

Compared to the vertical integration of the aforementioned projects, a certain network provides a "modular trading infrastructure." It does not focus on the front-end or guide users, but instead offers developers a set of composable and pluggable trading systems.

In short, the network aims to become a "cloud service provider" in the Web3 trading space, not involved in retail, and focused on developing tools and foundational components.

The structure of the network is divided into four core modules:

1. Matching Engine: Adopts off-chain matching and on-chain settlement methods, balancing efficiency and transparency, supporting more complex trading instructions and higher capital utilization.

2. Liquidity Pool System: Introduces a liquidity pool model closer to traditional exchanges, allowing market makers to inject liquidity on demand while ensuring stable depth in the order book.

3. Clearing and Settlement System: Fund settlement is based on Layer 1, with user asset isolation management, reducing systemic risk and enhancing fund security.

4. Risk Control System: Modularize the off-chain risk control module to facilitate quick integration by developers and lower the project setup threshold.

The greatest significance of this modular solution is that developers can quickly build their own trading products like assembling building blocks, without having to start from scratch to construct complex matching, clearing, risk control, and other systems.

Practical Applications on High-Performance Chains

The recent application of this network on a certain high-performance public blockchain provides a typical case.

Although this public chain far exceeds Ethereum in terms of infrastructure performance, a set of "order book infrastructure" that can match its performance has only recently emerged. The integration on this public chain has achieved:

• The matching engine operates off-chain, balancing speed and user control.
• Process thousands of order requests per second to meet the needs of bots and professional traders.
• Settlement back to the chain to ensure transaction verifiability.

This not only significantly reduces the actual transaction costs for users, but more importantly, it truly transforms the high performance of the public chain into the capital efficiency for users.

This network has thus become one of the few matching protocols that simultaneously support Ethereum-based systems and this public chain, possessing strong cross-chain compatibility.

Open real earning capabilities to ordinary users

For most users who cannot engage in high-frequency trading or develop their own strategies, structured matching returns are no longer out of reach. A certain yield platform is a typical representative of this trend.

As a one-stop yield platform, it allows users to simply deposit USDC, and the funds will automatically participate in the market-making activities of the aforementioned network, operating strategies across multiple chain markets to obtain real, verifiable LP yields. Unlike the yield sources from "simulated matching" or "internal cycle trading", the yields captured by this platform come from the real trading activities of on-chain matched orders, which have stronger sustainability and anti-cyclicality.

Recently, a major cryptocurrency exchange platform's wallet officially supports the integration of this platform. This Web3 wallet, which holds over 95% of the global trading volume in 2025, brings not only an opening for hundreds of millions of user entries but also the release of billions of dollars in liquidity potential. The platform's current TVL is nearing 7 million USD, with the annualized yield steadily increasing to 30%, becoming one of the few universal gateways that convert "real market-making income" into "user passive income."

From Incentive Dividends to Structural Dividends, a New Paradigm of On-Chain Earnings is Taking Shape

Whether it is a high-performance matching system designed for professional traders, a network providing modular infrastructure for developers, or a platform offering real yield capabilities to users, they collectively demonstrate a trend: a new paradigm of "stable high yield" on-chain, which no longer relies on subsidies and speculation, but on real trading demand and capital efficiency structure.

In the past few years, Web3 capital has rotated through narratives such as airdrops, market making, and restaking, but systems that truly possess the ability to transcend cycles must be built on real use cases and structural optimization capabilities.

10 million can achieve a 10% annual yield, but only if investors can identify and invest in the right structures, rather than chasing short-term trends.