DeFi's 48-Hour Reckoning: The Market's Sudden Awakening to Credit Risk
Until April 17, lending stablecoins via Aave, a gold standard in DeFi, yielded 2.32% APY, while the Federal Reserve's overnight rate was 3.64%. This implied the market viewed an unregulated, open-source smart contract as lower credit risk than the US Treasury. However, this changed within 48 hours. The market repriced DeFi credit risk in real-time, a feat no regulator, auditor, or commentator had…
April 23, 2026, 4:30 p.m.