Buidlpad is launching an 8% fixed return, and BNB Chain is planning to release its own stablecoin $U, likely with significant subsidies. Plus, there’s still the stable subsidies backing Paypal USD and Ripple USD (maintaining around 5%). This is way better than the last bear market. Back then, on-chain interest rates were only 2%-3%. If DAI hadn’t later introduced RWA to provide treasury yields, the on-chain space would have been completely barren.