net interest margin

The protocol earns a net interest margin by borrowing from depositors at 3% and lending at 8%.该协议通过以 3% 的利率向存款人借入并以 8% 的利率贷出，从而赚取净息差。

Squeezing net interest margin is a key challenge as competition in on-chain lending drives rates toward equilibrium.随着链上借贷的竞争将利率推向均衡点，压缩的净息差是一个关键挑战。