Excellent article. Money in DeFi is too "volatile," too focused on liquidity and composability; it's more like a short-term cash management tool than a long-term lending instrument.
Therefore, fixed-rate lending is inherently at a structural disadvantage in this environment unless participant behavior or market structure fundamentally changes.
However, the introduction of RWA has brought new opportunities to DeFi:
twitter.com/bocaibocai_/status...
