[Multicoin: Fixed Rates and Yield Splitting Primitives to Expand with RWA Growth] According to a report by Jinse Finance on September 25, an article by Multicoin Capital stated that the on-chain integration of RWA (Real World Assets) has made 'maturity dates and predictable cash flows' a core demand in on-chain markets, increasing the importance of fixed-rate and fixed-term lending. The article cites examples such as Morpho Midnight (rate formation through term-based bidding), Pendle, and Exponent (principal/yield separation, trading fixed and floating yields), noting that yield splitting will evolve from a 'leverage protocol points' tool into a universal method for stripping contract cash flows like treasury yields, credit spreads, and dividends. Pendle Boros-style interest rate derivatives will become more valuable when the underlying assets shift to real-world benchmarks such as treasury yields or corporate financing costs. The article also suggests that futures and forwards with maturity dates inherently carry exposure hedging characteristics.