In the “Defi” theme report released on June 6th, the Institute of Credit Research mentioned that decentralized and unmanaged agreements offer some promising advantages compared to traditional financial products, such as: 1. Transparency and price efficiency, Because the price depends on market demand; 2. the convenience and speed of borrowing capital; 2. reviewing resistance and invariance. However, it has two disadvantages: technical risk (smart contract risk instead of counterparty risk) and low liquidity (limited to borrowing at current interest rates, but will not have a significant impact on balanced interest rates).