Unfortunately if the FED keeps cutting this is bearish for lending protocols. I agree that crypto native yield will stay above t-bills but will trend down with tradfi rates + the margin should compress as stablecoins grow and fintechs integrate protocols as mentioned in OP. Rate levels have a massive impact on revenue for lending protocols, the below graph showing Aave 12 months revenue visualizes this nicely. Even though Aave’s TVL and loans have more than doubled since January, its monthly revenue is lower now than when rates were peeking in that period. Im bullish lending protocols nonetheless cause i expect stablecoins to exponentially grow and this should will offset lower rates impact on revenue via sheer borrow volume.