Interest rate derivatives are perhaps the most underdeveloped and underexplored area in all of crypto. Interest rate projects have struggled mightily to attract liquidity, and seemed forgotten about towards the end of 2022.

So far in 2023, there has quietly been a lot of progress in this area. Voltz and IPOR have emerged to bring interest rate swaps to DeFi and are replenishing the momentum for the interest rate derivatives space as a whole. In this report, we will explore what makes Voltz and IPOR unique to previous yield derivatives projects. We will reevaluate the state of the yield derivatives sector and look at how it may shape up moving forward.