DeFi's 48-Hour Reckoning: How the Market Repriced Risk
The lending of stablecoins into Aave, a gold standard in DeFi, previously offered a 2.32% APY, lower than the Federal Reserve's overnight rate of 3.64%. This discrepancy implied that the market viewed an unregulated, open-source smart contract as a lower credit risk than the US Treasury. However, this changed dramatically over 48 hours, as the market repriced DeFi credit risk in real-time. The mi…
April 23, 2026, 4:30 p.m.