Fixed borrow rates are becoming more popular across lending markets because of the yield strategies they enable. @kamino has historically been popular because of its 'Multiply' product which offers leveraged yield on SOL, stablecoins and other yield bearing assets. The main pain point, having used several of these products over the years on e.g. JLP, PRIME and OnRe, is borrow rates spiking and causing the loops to become unprofitable. Kamino has been rolling out fixed borrow rates across a few markets over the past weeks and is currently live for USDC on the OnRe market and wYLDS on the new AUTO market. AUTO is a structured yield product by @HastraFi consisting of U.S. auto loans, which since August 1, has yielded an average 8.1% APY. More on AUTO here: https://x.com/HastraFi/status/2082524249299063033 On this market, wYLDS (Figure’s yield-bearing stablecoin) can be borrowed at fixed annual rates of 5.3% and 5.75%, both with a 1-month duration. Using Multiply and the max leverage of 4.5x, the strategy currently nets >25% APY without the risk of the borrow rate spiking as new deposits flow in. Capacity is limited but another tranche at a 6% fixed rate is opening up soon. When a fixed rate loan expires, it automatically rolls over into a new duration at the same or a lower rate. If that isn’t possible, the position switches to the variable borrow rate for that market and, as a last resort, is wound down. More details here: https://x.com/kamino/status/2103880025468506546 More broadly, TVL on Kamino looks to have bottomed and is now back at ~$1.5b. Kamino has also consistently been rolling out new markets offering high yields sourced from different TradFi markets and is well positioned for the continued RWA expansion in crypto. Note: Kamino is a partner of @onchaintimes