Now that the Incentive Campaign has been live since July 23, let’s take a closer look at how $USDC borrowing costs changed. Quick reminder: → Native Borrow Rate = Borrow APY → Net Borrow Rate = Borrow APY - Incentives APR As shown on the chart, both rates moved closely together before the campaign launched. After July 23, the native borrow rate started rising, while the net borrow rate dropped below pre-campaign levels. ► The result? Despite higher native rates, users are now paying less to borrow $USDC thanks to the Base Incentive Campaign.