DeFi's 48-Hour Reckoning: The Market's Sudden Awakening to Credit Risk
Until April 17, the annual percentage yield for lending stablecoins on Aave was 2.32%, 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 United States Treasury. However, this changed drastically over the next 48 hours. The market repriced DeFi credit risk, ending the mispricing t…
April 23, 2026, 4:30 p.m.