I recently read an article about 'fixed interest rates on the chain' and made a very realistic judgment: Most on chain funds still prioritize the ability to withdraw at any time over the interest rate itself. The real demand for fixed rate loans mainly comes from borrowers, such as institutional borrowers and revolving strategy users, who need to determine their financing costs; But from the perspective of fund providers, the vast majority of people are not willing to accept term lock up just for a little interest rate premium. Once lenders are required to sacrifice flexibility, interest rates will become unsustainable. That's also why the real big players on the chain are still markets like Aave, which offer floating interest rates and on-demand withdrawals. From this perspective, DeFi really needs three things at this stage: one ⃣ Funds can be transferred in and out at any time two ⃣ Interest rates will not fluctuate dramatically three ⃣ Capable of carrying the scale of continuous expansion Only by stabilizing lending rates without sacrificing flexibility can the subsequent structure be meaningful. Looking at @ parkdotfi within this framework, the positioning is actually a perfect fit. Many people may have noticed that the issuance of USDS has exceeded $10 billion. The importance of this node lies not in the numbers themselves, but in its ability to provide Spark with stable long-term investment/lending rates. Relying on the large-scale and low volatility funding base of USDS, Spark can maintain a on-demand experience while buffering short-term supply and demand shocks through liquidity scheduling, ensuring that lending rates remain in a slowly changing and predictable range during the expansion process. The current observed ranking of interest rate volatility is Spark (low)<Aave (moderate)<Morpho (high) So from the perspective of that article, what Spark is doing is actually a necessary step before scaling up lending—— Make interest rates stable enough, cheap enough, and sizable enough. In DeFi, as long as the foundation is in place, those who truly need fixed interest rates can lock in costs through interest rate swaps without forcing all funds to sacrifice liquidity.