DeFi's 48-Hour Reckoning: How the Market Repriced Risk
Until April 17, lending stablecoins on Aave yielded 2.32% APY, despite the Federal Reserve's overnight rate being 3.64%. This disparity suggested the market viewed unregulated DeFi as a lower credit risk than US Treasury bonds. However, this changed dramatically over 48 hours, as the market repriced DeFi credit risk in real-time, a feat no regulator, auditor, or commentator had achieved. The cata…
April 23, 2026, 4:30 p.m.