🐋 WHALE WATCH: The 18-month "yield floor" provided by the Fed is finally collapsing. As FFR slides toward 3.5%, the spread between Treasury-backed RWAs and DeFi borrow costs has effectively hit zero. We aren't just "matching" rates anymore—we’re watching the Onchain Singularity. For the first time, digital dollars are more efficient, more liquid, and now equally priced compared to their legacy counterparts. The "offchain premium" is dead. The migration is no longer about greed; it’s about better rails.(Whale Factor)