#美国非农就业数据未达市场预期 $ETH Suddenly hearing the wind, there are rumors that the Federal Reserve might take a hardcore move next week—an emergency rate cut of 100 basis points, and some even talk about "negative interest rates." It sounds quite surreal, as if a bizarre era where saving money costs you and borrowing can actually make you money is coming.

But honestly, all of this is just armchair speculation. In reality, even if the world enters a phase of significant rate cuts, the interest rate logic on-chain DeFi is completely unaffected. Take lending platforms like Lista DAO, for example—they use an autonomous interest rate mechanism that doesn’t care about the Fed’s moves, only focusing on the supply and demand of on-chain funds. That’s how the code works—algorithms are cold and ruthless, and everyone is equal before the logic.

Imagine this: the platform initially aims to keep interest rates below 2%, but suddenly a flood of users rushes in, desperately pouring assets in, borrowing stablecoins to leverage up. The utilization rate of the liquidity pool skyrockets, and the system quickly activates interest rate penalties—$XRP borrowing costs can jump from 1% to 10% or even higher in an instant.

That’s the trap. If you’re just chasing the dream of "negative interest rates" and borrow without considering what happens if costs suddenly spike into double digits and stay there for a while, your position might not withstand it. The interest could eat up your returns in minutes.

My own approach is simple and straightforward—regardless of what big policy moves happen outside, I must run a stress test myself before taking action. Ask myself honestly: if borrowing costs suddenly jump above 10% and stay there for a month, will this position still survive? If the numbers don’t add up, I won’t touch the "borrow" button even if there’s a big positive news. In the blockchain world, the real central banks are those coded into the system—they never bend, only follow the rules.