DeFi's 48-Hour Reckoning: How the Market Repriced Risk
Until April 17, lending stablecoins on Aave, a leading DeFi platform, yielded 2.32% APY, despite the Federal Reserve's overnight rate being 3.64%. This disparity suggested the market viewed unregulated, open-source smart contracts as lower credit risks than US Treasury bonds. However, this mispricing was short-lived, as the market rapidly adjusted over the subsequent 48 hours. The catalyst for th…
April 23, 2026, 4:30 p.m.