DeFi's 48-Hour Reckoning: How the Market Repriced Risk
Until April 17, lending stablecoins through Aave, a benchmark for DeFi, yielded 2.32% APY, surprisingly lower than the Federal Reserve's overnight rate of 3.64%. This discrepancy suggested that the market viewed unregulated, open-source smart contracts as less risky than U.S. Treasury securities. However, this anomaly was short-lived. Within 48 hours, the market adjusted, repricing DeFi's credit …
April 23, 2026, 4:30 p.m.