The Euro rate of return for the AAVE base market is an interesting development. The ECB has taken a path to slowing down the pace, contrary to the U.S. and the U.K. Fed, both of which have stopped further cuts and maintained their current pace, pushing any potential reduction to a later time. The ECB has taken a different approach to reduce the deposit facility rate to 2.5%. Currently, the prices of all Euro-timed savings accounts in Europe are very tracking the ECB benchmark: N26 = 2.5% Wise = 2.24% Revolut = 1.74–2.49% klarna = 2.20% Some of these savings accounts come with withdrawal constraints, such as fixed terms. I don't list traditional banks here because many offer similar prices, but it's worth noting that most savings products are below the market. It is expected that because banks do not rely heavily on retail deposits for daily operations. EURC ON AAVE is currently hovering around 3.5%, with a very significant premium compared to the ECB rate (and FinTech). If the ECB's production continues to drop (possibly down to 0-1.5%), we may find ourselves in a similar environment to 2019-2022 (including cuts in the COVID-era era), where Defi's production stands out in the global lows. The euro may be the first sign of this certain shift, and European savings accounts will follow this rate of decline. In many ways, DEFI could be a compelling source of income for investors seeking alternatives, similar to how capital flows into private loans, peer-to-peer platforms and professional funds in the last low-interest cycle. DeFi will provide the best algorithm and financial opportunities to be distributed in a boundless manner. Tokenization will accelerate this adoption by bringing more value to DEFI, such as Horizon bringing tokenized assets into AAVE. Each asset will have a real loan and mortgage rate, allowing anyone to gain any place. This is the secret to AAVE becoming the backbone of all finance.