everyone is waiting for the rate cuts to call the crypto bull run. they're solving the wrong variable. rate cuts don't cause the next DeFi cycle — they change the alternative cost calculation. when the Fed drops rates, a Solana stablecoin pool at 15% APR stops looking like a risk-on bet and starts looking like a yield asset with infrastructure risk. those are very different mental models and they attract very different capital. the smart money isn't waiting for cuts to start positioning. it's building on infrastructure that will be the settlement layer when the yield math shifts. Visa, Western Union, Circle are already there. if DeFi yield ever becomes institutional consensus, it won't look like a narrative. it'll look like a line item in a fixed income allocation. NFA.