Single-point annualization can be misleading; what truly determines asset pricing and term structure is the interest rate curve. DOR's starting point is to abstract yields from different sources into comparable metrics, forming an 'on-chain quote' that can be referenced by multi-chain protocols. In traditional markets, people trade interest rates based on term structures; in decentralized environments, this mechanism needs to be public, verifiable, and composable. DOR takes on the measurement responsibility, while tAssets are the specific notes above the measurement; only by combining the two can a yield curve dispersed across various points be straightened out.
For developers and institutions, composability is key. tAssets, based on unified metrics, can serve as foundational components for collateral, settlement, and hedging, giving rise to product stacks with varying risk levels. When downstream uses them as margin or yield bases, the migration costs across chains and protocols significantly decrease. In the 2024 roadmap, the protocol side establishes a series of assets starting with tETH, leading to a leap in total TVL within the year, providing a practical sample for whether 'standard components can support scale.'
The standardization of yields has a frequently overlooked spillover effect: transparency and risk control discipline. Unified definitions of interest rates and terms encourage participants to express the underlying sources, leverage paths, and liquidity thresholds more consistently in disclosures; this directly reduces information errors and discrepancies in metrics. Alongside this, the listing and derivatives system at the exchange level introduces more hedging methods, allowing holders to manage risks without resorting to rough offloading, but rather using finer hedging paths to manage duration and volatility.
There are still engineering challenges beyond standards. Oracles in a multi-chain environment, cross-chain state synchronization, curve construction metrics, and slippage and liquidity paths under extreme market conditions will all impact the availability of curves. Treehouse emphasizes the direction of 'unified interest rates and unified asset containers' in its product narrative, while externally validating through ecosystem access and market transactions. This path is not achieved overnight, but it has path dependency: the more it is used and the wider it is referenced, the more the curve can represent consensus.
In short, shifting attention from single-point annualization to interest rate curves is the precondition for fixed income to move towards sustainability. DOR addresses the question of 'how to measure,' while tAssets resolves 'how to utilize'; when both form a closed loop, market pricing and asset allocation can escape short-term sensational effects and shift towards longer-term, reproducible yield management.
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