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 implied that the market viewed an unregulated, open-source smart contract as a lower credit risk than the US Treasury. However, this mispricing was short-lived. Within 48 hours, the market rectified this anomaly, repricing DeFi credit risk in real-time. The catalyst for th…
April 23, 2026, 4:30 p.m.