The Market's Sudden Repricing of DeFi
Prior to April 17, lending stablecoins via Aave, a gold standard in DeFi, yielded a 2.32% APY, while the Federal Reserve's overnight rate stood at 3.64%. This implied that the market viewed an unregulated, open-source smart contract as a lower credit risk than US Treasury bonds. However, this situation changed dramatically over the course of 48 hours, as the market repriced DeFi credit risk in re…
April 23, 2026, 4:30 p.m.