We're firm believers that markets of large size are done for a reason. Therefore, we don't agree that lenders are being scammed (and require exceptional rates) because if they were, they wouldn't be LPing this trade. We feel like some of the discussions recently have been like those that look at smokers and drinkers and saying they are objectively ruining their bodies. However, they forget that the smoking corner in Clapham's @1nfernosclapham nightclub has probably been the nucleus of a huge number of babies in the Clapham area. To a large degree the smokers and drinkers have found an optimal way of reproducing. In the same vein people criticise the "smokers and drinkers" of DeFi lending, labelling them as "degens" but the "degens" are actually getting something in return. This article looks at what they get in return and there is a way that you can price the implied optionality if you want to go that far as well. The thing which was unexpected for us was that fixed rates seems to be "prime brokerage". If not mistaken, we have all been kind of thinking about DeFi lending as PB-like and we think that making a decentralised PB is actually an insanely good trade.