The Impact of Traditional Yield on Cryptocurrencies

I think the most important thing, and I'll keep going back to this phrase, just like, what does the invisible hand want like the interest rates? Yeah. If it's incredibly easy at T-bills on chain and they're five percent, you know, I don't think people are going to be comfortable with an on chain return less than that. The equivalent like risk free rate in DeFi will go up as a result. It's just that right now, there's so much friction between off chain markets and on chain markets. Like no one's going to take incremental risk there when they're like, oh, well, I can instantly get five percent.

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