#密码资产动态追踪 Recently, many people have been saying that next week the Federal Reserve might cut interest rates significantly, leading to the inference that DeFi lending could become "zero-cost arbitrage." Suddenly, everyone wants to rush to Lista DAO to borrow lisUSD, as if it's a gift from the sky. $ETH Reaching new highs, market sentiment is also becoming more volatile. But we need to think calmly—does this logic really hold?

The key issue is this: Lista DAO's lending rates are not controlled by the Federal Reserve at all. The interest rates on on-chain liquidity pools are automatically adjusted by supply and demand algorithms, which are hardcoded rules. When a large number of users flood in simultaneously, depositing collateral and initiating loans, the utilization rate of on-chain funds skyrockets, triggering the algorithm's "risk mode." At this point, lending rates can jump from 1% directly to 10%, 15%, or even higher.

In other words, what you think is "borrowing to mine" might actually be a trap of high interest rates. Before entering, it's advisable to run a stress test: suppose your borrowing rate is pushed to 15% over the next 30 days, can your position withstand it? Will the risk of liquidation trigger prematurely?

If the simulation shows "no," then no matter how hot the market sentiment is, don't follow the trend blindly. The real "central bank" in DeFi isn't any institution but the algorithmic code that never softens and only executes coldly. It has no temperature and no sense of fairness—once conditions are met, liquidation will happen.

Rather than rushing in blindly, it's better to wait and see. Once the first wave of liquidations subsides and market sentiment returns to rationality, that could be a safer entry point.