[Analysis] The yield protocol: on-chain lending with interest rate discovery

Dan Robinson, a researcher at Paradigm, released a paper for Ethereum-based zero-coupon bonds called yTokens that are over collateralized and settled on a specific future date. These tokens are fungible and allow anyone to synthetically lend or borrow the underlying asset for a fixed term. Rather than having interest rates settled through governance like MakerDAO or algorithmically like Compound, yTokens have implied interest rates based on market forces allowing inferred rates to construct a yield curve.