In terms of efficiency, abi.encodePacked() is generally considered to be more gas-efficient than abi.encode(), because it skips the step of adding function signatures and other metadata to the encoded data. However, this comes at the cost of reduced safety, as abi.encodePacked() does not perform any type checking or padding of data.
Refference: https://github.com/ConnorBlockchain/Solidity-Encode-Gas-Comparison
https://github.com/Cyfrin/2023-07-beedle/blob/main/src/Lender.sol#L113
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