A software engineer has taken decentralized finance to a new level of practicality, by paying off his mortgage with Commonwealth Bank of Australia (OTC:CMWAY) and refinancing the loan through fixed-rate lending protocol Notional Finance.
The move marks a major step for the fledgling DeFi sector and more fixed-rate lending protocols in DeFi may attract additional users seeking mostability in longer-term investments and loans, such as mortgages. Currently, the ecosystem is largely populated by yield farmers looking for quick gains on their crypto collateral.