Nearly $85B in DeFi lending and still no concept of duration.

⤷ Every position is perpetual

⤷ Instant deposit, instant withdraw + rate changes by the hour

⤷ There's no yield curve onchain

⤷ Without a yield curve you can't price the cost of time

⤷ Without pricing the cost of time you can't build a real credit market

⤷ You just have a pool of money with a floating number attached to it

Meanwhile TradFi private credit just proved this month that even with duration and fixed terms, if the underlying infrastructure can't honor redemptions, the contract is meaningless anyway.

One system never introduced the concept. The other built it on infrastructure that couldn't enforce it.

Both failed the depositor.

Interest rate swaps are a $500T+ market in TradFi built entirely on pricing time. That primitive doesn't exist onchain yet. Whoever builds it wins the largest financial market crypto hasn't touched.