**Swivel Finance’s floating-rate products face muted demand despite market volatility:**  

1. **Volume Trends**:  
   - Floating-rate trades (e.g., variable USDC loans) average **$5-10M daily** (2024), dwarfed by fixed-term’s $50M+.  

2. **User Preference**:  
   - *Institutions* favor fixed rates (~80% of volume) to hedge liabilities.  
   - *Retail* avoids floats due to APY unpredictability (e.g., dropped from 8% to 2% in 2023).  

3. **Niche Use**:  
   - *Arbitrageurs* exploit rate gaps between Swivel and Aave/Compound.  

**Outlook**:  
   - Potential growth if integrated with *DeFi yield aggregators* (Yearn).  

(120 words)  

---  
*Key point: A tool for pros, not mainstream adopters.*