In the TradFi system, the risk-free Intrerest Rate serves as the foundation for asset pricing and plays a crucial role. Taking the yield on the 10-year U.S. Treasury bond as an example, it is not only a benchmark for measuring investment returns but also an anchor point for the pricing of trillions of dollars in assets, providing stability for the entire financial ecosystem.

However, in the decentralized finance (DeFi) sector, such a reliable benchmark is missing. This issue makes it difficult for DeFi to establish a unified standard for yield comparison, while also exacerbating industry risks. The frequent occurrence of problems such as smart contract vulnerabilities and market manipulation is a direct consequence of this lack of infrastructure. Research by the Federal Reserve and IEEE also corroborates this viewpoint.

Taking mainstream DeFi protocols like Aave as an example, the drastic fluctuations in their yield further highlight the negative impact of lacking stable benchmarks. This uncertainty not only affects investors' decisions but also hinders the healthy development of the DeFi industry.

In the face of this challenge, the cryptocurrency industry is actively exploring solutions. Some believe that through innovative mechanisms such as stablecoin lending and Bitcoin staking, it may be possible to construct a unique "risk-free interest rate" in the cryptocurrency space. Although at the current stage, the concept of "absolutely risk-free" remains an ideal in the cryptocurrency field, industry insiders generally believe that on-chain currency markets are expected to form a decentralized benchmark interest rate system.

The establishment of this benchmark Intrerest Rate will provide DeFi projects with clearer yield references, helping to improve the stability and predictability of the entire ecosystem. With continuous technological advancements and the gradual maturation of the market, the DeFi industry may find a development path that maintains its decentralized characteristics while also providing stable benchmarks.

Overall, the DeFi industry is facing a critical development bottleneck. Establishing a stable benchmark similar to the risk-free Intrerest Rate in TradFi within a decentralized framework will be a key factor in determining whether DeFi can truly become a strong competitor in the mainstream financial system.