Crypto investor and Inversion Capital founder Santiago R Santos stated that the current DeFi lending market yields do not match the actual risks. He pointed out that the Morpho vault currently has approximately $11.7 billion in funds, but the annualized return is only 2%–4%, which is even lower than the yield on some near-risk-free U.S. Treasury bonds, failing to adequately cover risks such as price volatility, liquidations, and leverage cycles in crypto collateralized lending. He believes that the reasonable interest spread for ETH / BTC collateralized lending should be at least 300–400 basis points above the risk-free rate.