According to @kwok_phil, a crypto-backed loan can be structured with no maturity, allowing the borrower to keep the crypto collateral and sustainably draw cash so long as the asset’s annual appreciation exceeds the interest owed, creating a positive carry spread, source: @kwok_phil. For traders, this outlines a carry-based approach where the viability hinges on the appreciation-minus-interest spread remaining positive each year to live off borrowed funds without repaying principal, source: @kwok_phil.