TechubNews

Written by: Nico Pei
Translated by: Jiahui, Chaincatcher
Insights from Private Credit
Fixed-rate lending dominates the private credit space because borrowers need certainty, not because lenders prefer it.
Borrowers—corporations, private equity, real estate sponsors—are primarily concerned with cash flow predictability. Fixed rates eliminate the risk of benchmark interest rate increases, simplify budgeting, and reduce refinancing risk. This is especially important for leveraged or long-term projects where interest rate fluctuations could threaten repayment ability.
In contrast, lenders generally prefer floating rates. Lenders price loans as "benchmark rate + credit spread." The floating structure protects profit margins when interest rates rise, reduces duration risk, and allows lenders to capture upside gains when benchmark rates increase. Fixed rates are typically only advantageous for lenders when

Google(GMAIL) will extensively introduce Gemini-based AI(AI) into its flagship email service Gmail. This overhaul is not just a simple feature addition but a strategic move by Google, demonstrating its commitment to transforming Gmail into a smart assistant for users.
The main change announced by Google is the “AI Inbox View” feature. It no longer follows the traditional chronological order but is analyzed by Gemini AI to automatically categorize emails into “Priority Clusters” based on importance. Additionally, a “Summary Snapshot” feature has been added to help users who haven't checked their emails for a long time due to business trips or vacations quickly grasp recent payment records, delivery updates, meeting schedules, and other important information.
Gmail Product Vice President Blake Barnes said, “From now on, Gmail will act as an active partner around the user’s needs.”

As capital begins to migrate, a new financial order is taking shape
Over the past decade, the crypto world has seemed lively and bustling, but the true determinants of direction have never been the traders' emotions, KOLs' opinions, or even the judgments of certain institutions.
The truly smartest entity has always been—capital itself.
Capital doesn't tell stories, doesn't care about sentiment, and doesn't loyalty.
It only continuously searches for two things:
Places with lower risk, and places with higher efficiency.
It is precisely under this calm yet ruthless choice that the flow of global capital is undergoing a profound and irreversible change.
Centralized finance is heading towards a structural bottleneck
For a long time, centralized trading platforms (CEX) have borne the main functions of crypto finance. But as the market matures, problems have gradually surfaced:
Asset custody risks cannot be completely eliminated
Black box operations make transparency a luxury