The ETH pledge rate is the indicator most likely to be regarded as a risk-free interest rate in the DeFi market. It is similar to the treasury bond yield in the traditional financial market and plays a decisive role in the pricing of the entire interest rate market. As the benchmark for liquid pledged derivatives, the ETH pledge rate has become a resource that various interest rate products compete for. We can see that more and more fixed interest rate or interest rate swap agreements choose to use stablecoins generated by ETH pledges as the underlying asset. In the same way, for any PoS public chain, its liquidity staking yield can be regarded as the risk-free indicator of the public chain.