DeFi's 48-Hour Market Correction
Until April 17, lending stablecoins on Aave, a benchmark for DeFi, yielded 2.32% APY, lower than the Federal Reserve's overnight rate of 3.64%. This discrepancy implied that the market considered an unregulated, open-source smart contract a lower credit risk than the US Treasury. However, this mispricing was corrected within 48 hours. The market's repricing of DeFi credit risk was triggered by an…
April 23, 2026, 4:30 p.m.