**Saylor In-Depth Analysis of the Essence of Digital Credit: From Capital Optimization to New Approaches in Risk Management**

MicroStrategy founder Michael Saylor recently shared his understanding of digital credit, sparking a new round of market discussion. In his view, the core value of digital credit lies in the systematic optimization of digital capital.

**Four Layers of Digital Credit Logic**

Saylor pointed out that digital credit is essentially a capital processing mechanism. First, it achieves precise risk isolation through technological means—based on on-chain assets, it can clearly delineate different risk levels rather than simply packaging and selling them. Second, it effectively controls the erosion of assets caused by market volatility. Compared to traditional finance's passive pressure, digital credit actively buffers fluctuations through smart contracts and on-chain mechanisms.

**Time Value and Currency Conversion**

In addition to risk management, digital credit redefines the dimension of time. By shortening capital lock-up periods and settlement cycles, liquidity is significantly enhanced. Meanwhile, frictionless cross-currency exchanges make diversified asset portfolios possible.

**New Models for Yield Extraction**

Finally, Saylor emphasizes maximizing returns throughout the entire process. Digital credit is no longer a passive lending relationship but an active process of yield farming and capital optimization. This means that fund providers, borrowers, and even intermediaries can find their respective profit spaces within transparent on-chain mechanisms.

This perspective reflects that institutional investors represented by Michael Saylor are re-evaluating the value logic of digital assets and blockchain finance.