RWA leverage onchain runs almost entirely through variable-rate pools, where the borrow rate is set by utilization rather than by a lender agreeing to a price. Illustratively, Aave’s rate curve lifts the USDC borrow rate from 4% to 14% as utilization climbs from 92% to 100%. JAAA yields between 4.5% and 5% and Maple’s syrupUSDC […]