#Solana行情走势解读 $POL $ZEC $DOGE

The Fed's rate cut expectations are heating up, and the market is once again buzzing about the old topic of "negative interest rates." Recently, Federal Reserve officials hinted that by 2026, they will need to cut interest rates by a total of 150 basis points to stimulate employment, and some radical voices are even discussing adopting Japan's negative interest rate approach. But the problem is—reaching that point is still a long way off.

The most interesting part is that many DeFi players are starting to fantasize about achieving "negative interest rate borrowing" on the blockchain. Especially around lending protocols like Lista DAO, everyone is speculating whether you can borrow money and mine at the same time, with interest rates dropping lower and lower until they turn negative.

The reality isn't that rosy. Code is honest; it doesn't care about the Federal Reserve's face.

Lista DAO uses an adaptive interest rate model, which simply means it automatically adjusts based on supply and demand balance. Your borrowing cost isn't decided by the central bank but by how tight the liquidity pool is on the chain at that moment. A 100 basis point rate cut by the Fed has limited impact on on-chain activities.

The scenario is very realistic: the Fed indeed cuts rates, but capital floods into the market to borrow money. Once the utilization rate of funds hits the ceiling, the algorithm reacts immediately—APY jumps from 1% to 10% instantly, or even crazier. This is the cruel nature of the adaptive mechanism. When supply can't keep up with demand, interest rates can only soar.

So don't expect DeFi to automatically become cheaper due to policy favorable conditions. On-chain economics have their own logic—when liquidity becomes tight, no policy can save your borrowing costs.