Blockbooster researcher BlazingKevin_ argues that crypto leverage, lending and yield products still lack a shared benchmark rate comparable to SOFR. Perpetual funding rates, Bitfinex FRR, Aave rates, Sky SSR, tokenized Treasuries and Ethena sUSDe each measure different risks, and none currently combines broad market depth, term structure and independent governance.

Blockbooster researcher BlazingKevin_ argues that crypto leverage, lending and yield products still lack a widely trusted benchmark curve comparable to SOFR. The article compares perpetual funding rates, Bitfinex FRR, Aave, Sky SSR, tokenized Treasuries, sUSDe and CME basis, and explains why a proper benchmark should be transaction-based, deep, independently governed and ideally term-structured.