DeFi has always run on variable rates. In theory it sounds fine borrow when rates are cheap, repay when they’re expensive, let supply and demand do its thing.
In practice it’s far messier.
It gets especially bad once you’re running a levered loop. Small rate moves can flip a trade from profitable to losing and force you to unwind at the worst time.
Some interesting insights from @euler_mab  at Euler on why fixed rates are only really becoming viable now, and what that changes.
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