To understand interest rates, it’s critical to see both what informs them and what they represent. Once properly appreciated as complex-adaptive-system outputs, the Fed becomes an afterthought.
It seems like an odd pairing, but perps aggregators may be the prime brokers of crypto. Comparing and contrasting this TradFi concept and applying it to DeFi.
Think of bankers as javascript running really, really slowly and expensively. Glacially completing smart contract tasks. DeFi is a superior economic model.