\begin{align*}Assets &= Liabilities + Equity \text{ is the fundamental accounting equation.} \\[4pt]\text{You can separate }Assets &\text{ and } Liabilities\text{ into future and present. }\\[4pt]\text{Future }Assets & \text{ depend on Future }Liabilities\text{ and } interest\text{ (a function of time).} \\[4pt]\text{Present }Assets & \text{ depend on Present }Liabilities\text{ and a volatility premium.}\\[10pt]\text{In } \text{Crypto}:\;&\begin{cases}\text{All }Liabilities\text{ are collateralized with }\textbf{current } Assets \text{, so  future }Liabilities\text{ = 0}\\[6pt]\text{Present }Liabilities\text{ are paid via near-instant liquidation}\\[6pt]\text{All "interest" is actually a volatility premium}\end{cases} \\[12pt]\text{But in TradFi}:&\;\; \text{ Time-based debt (}Liabilities\text{) dwarfs }Equities\text{  10x} \\[8pt]\mathbf{ARI} &\text{ unlocks that entire 10x debt market for crypto}\end{align*}