Wrong on your point RE FCF, you would be surprised - go and check out Aave it is a decentralized money market - running on USDC (amongst other assets), it gener

Wrong on your point RE FCF, you would be surprised - go and check out Aave it is a decentralized money market - running on USDC (amongst other assets), it generates cash by lending over collateralised loans which gives the depositors a large cut of the fees it takes. The point of an overcollateralised loan is synthetic leverage, or shorting.