2026-04-17 Пятница

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Dialogue with Real Vision CEO: How to Succeed in Crypto by 2026 Without Relying on Luck

In this interview, Real Vision CEO Raoul Pal outlines his framework for succeeding in crypto by 2026 without relying on luck: hold the right assets and do nothing. He emphasizes a long-term perspective, arguing that while short-term market movements are noisy and driven by factors like liquidity fluctuations, the long-term trend is clear—crypto's market cap, currently at $3 trillion, is projected to reach $100 trillion. Pal advises against short-term trading, noting that the market's maturation reduces alpha opportunities outside of long-term holds. His "Don’t Fuck This Up" (DTFU) strategy focuses on minimizing regret by investing in established, high-adoption assets like Bitcoin and Ethereum, which are less likely to fail. He suggests using tools like ChatGPT to analyze on-chain metrics and assess valuation. He explains that the crypto cycle has extended to 2026 due to debt refinancing schedules, which will require significant liquidity. Pal also discusses NFTs as a emerging asset class with long-term potential, despite short-term volatility. His current investment strategy remains largely unchanged, with a focus on assets like SUI, which he views as undervalued based on adoption metrics. Ultimately, Pal's advice is to adopt a multi-year horizon, avoid leveraging others' convictions, and maintain a diversified portfolio aligned with personal risk tolerance. The key is to ignore noise and focus on the broader adoption and macroeconomic trends driving crypto's growth.

marsbit12/21 08:08

Dialogue with Real Vision CEO: How to Succeed in Crypto by 2026 Without Relying on Luck

marsbit12/21 08:08

Why Do DeFi Users Reject Fixed Rates?

Despite the intuitive appeal of fixed-rate loans for providing payment certainty, they have consistently failed to gain mainstream adoption in DeFi. This is not due to user rejection alone but stems from a fundamental mismatch between product design and actual user behavior. DeFi protocols are built as on-demand money markets, where lenders prioritize liquidity, composability, and the ability to exit or rotate capital instantly—features inherent to floating-rate pools like Aave. They accept slightly lower yields for this flexibility. In contrast, fixed-rate products require capital lock-up, sacrificing this optionality. The modest premium offered is often insufficient compensation for this loss. Furthermore, most crypto borrowing is not long-term credit but short-term leverage, basis trading, and collateral management. These borrowers are unwilling to pay a high premium for fixed rates as they don’t plan to hold debt long-term. This creates a one-sided market where lenders demand a lock-up premium, but borrowers refuse to pay it. Fixed-rate mechanisms also suffer from fragmented liquidity across different maturities, leading to poor secondary markets and significant price impacts for early exits. This forces lenders to become bond managers rather than passive liquidity providers. Ultimately, fixed-rate lending can exist as a niche product but is structurally disadvantaged to become the default in DeFi. The ecosystem is dominated by mercenary capital that values liquidity over yield certainty. For fixed rates to succeed, they must be treated as true credit instruments with priced-in exit options, rather than attempting to mimic liquid money markets.

marsbit12/21 06:44

Why Do DeFi Users Reject Fixed Rates?

marsbit12/21 06:44

Why Do DeFi Users Reject Fixed Rates?

Fixed-rate lending has consistently struggled to gain traction in DeFi, not because users inherently reject it, but due to a fundamental mismatch between product design and the actual behavior of capital in the ecosystem. DeFi protocols are built as on-demand money markets, where lenders—acting like cash managers—prioritize liquidity, composability, and the ability to exit or reallocate funds instantly. They accept lower yields in exchange for these features. In contrast, fixed-rate products require locking funds for a duration, sacrificing this flexibility for a modest premium that often fails to adequately compensate for the loss of optionality. Most crypto borrowing is not long-term credit but leveraged, tactical activity like basis trading and collateral recycling, where borrowers also prefer floating rates for their flexibility. This creates a one-sided market: lenders demand a premium to lock funds, but borrowers are unwilling to pay it. Fixed-rate markets fragment liquidity across maturities, leading to poor secondary markets and significant price impacts for early exits. While fixed-rate products can exist in niche, hold-to-maturity forms, they are structurally disadvantaged. The lender base, composed of mercenary capital seeking liquidity, will likely keep floating-rate money markets like Aave as the default, with fixed-rate serving only as an optional overlay for those explicitly seeking duration exposure.

Odaily星球日报12/21 06:41

Why Do DeFi Users Reject Fixed Rates?

Odaily星球日报12/21 06:41

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