In a bull market, the most expensive thing is never interest rates, but uncertainty. Aave's variable APY + manual revolving lending is indeed very attractive when things are going well. But once interest rates and prices jump together, you'll find that you're not doing strategy, you're passively doing risk management. To determine whether "fixed interest rates will become a capital efficiency trap," I only ask three questions: 1. If the market reverses and prices plummet, will I be forced to sell at the worst possible price? (Yes = What you lack isn't return, but certainty) 2. Can financing costs be changed from a variable to a constant? Aave: Costs fluctuate with market volatility @TermMaxFi: Fixed APY = Buying out financing costs 3. Am I willing to give up a little bit of upside potential for replicability and convenience? TermMax's fixed APY + one-click 5x is more like building a stable model first, then talking about efficiency. Is a fixed interest rate more like a foundation or a shackle for you? @aave #TermMax #FixedRate #DeFiRenaissance