TLDR
The creation of YieldSpace by Yield Protocol in late 2020 spurred the birth of numerous protocols. Fixed-income protocols today are alike in that they have failed to achieve distribution. The main issue with interest rate markets today is that they exist in siloes, which precludes market participants from being able to obtain useful IR exposures, and makes liquidity scarce and expensive. Longing the yield of Lido stETH is not useful in isolation, but instead is able to bet on interest rate risk.via the TL;DR App
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