Onchain stablecoin borrow rates are one way to assess leverage in the system. Rates above 10% indicate heightened risk and rates above 15% suggest a local or cycle top. @aave mainnet should be used to assess rates bc it is the most liquid money market of all with 70b+ tvl. So far, rates are rising but not in extreme territory...and thus ok for now.
USDT borrow rates: aave: 12% binance: 9.7% bybit: 24% we're gonna need a bigger boat
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