People do not realize how deep this really goes.
If I borrowed $100,000 on Aave V3, I pay around $4,000 a year in borrow fees. Compound V3 runs roughly $5,000. Sky charges up to $6,000 on an ETH-backed position.
@LiquityProtocol V2 with rETH collateral? $500.
Same $100,000. Same 12 months. The entire difference is the borrow rate. Liquity V2 lets borrowers set their own rate and with rETH collateral that rate currently sits at 0.5%. Compare that to the 4 to 6% you give up elsewhere just to access your own liquidity.
That is $3,500 to $5,500 you keep every year on a $100,000 position.
Scale that to $500,000 and you are looking at $17,500 to $27,500 in annual savings. On the same collateral. Doing nothing differently except choosing where you borrow.