According to CoinMeta, and based on the fixed-rate lending market report published by Castle Labs, the current active lending volume in the DeFi lending market is approximately $28.5 billion, with nearly all of the demand still coming from floating-rate loans. However, as institutional funds, revolving loans, and strategies such as RWA and basis / carry develop, the demand for fixed-term and fixed-rate financing is increasing. Currently, the scale of major fixed-rate lending protocols is still relatively limited. Among them, the active loans under Fira are about $430 million, but almost all of this comes from the usual zero rate markets; Loopscale accounts for about $55 million, Termmax for about $30 million, and since its launch in July, Morpho Midnight has seen about $2 million in active loans.