Unlike traditional liquidity pool lending models, the new generation of DeFi protocols adopts a Central Limit Order Book (CLOB) architecture. This design makes interest rate discovery continuously transparent, allowing users to express their risk preferences in a more refined way, and liquidity is truly unified. In simple terms, it mimics the operational logic of real-world credit markets—rather than forcing all participants into a simplified standardized framework. As a result, market information is more comprehensive, matching between trading counterparts is more flexible, and there are many more dimensions for risk management.