DeFi's 48-Hour Reckoning: How the Market Repriced Risk
Until April 17, lending stablecoins on Aave yielded 2.32% APY, surprisingly lower than the Federal Reserve's overnight rate of 3.64%. This discrepancy suggested the market viewed unregulated, open-source smart contracts as less risky than US Treasury investments. However, within 48 hours, this narrative changed dramatically. The market repriced DeFi credit risk in real-time, a feat no regulator, …
April 23, 2026, 4:30 p.m.