What to know : Crypto is evolving beyond trading into more stable, predictable return products, similar to bonds, as new tools let users lock in or manage yield despite market volatility, said the heads of Aave and Ethena. While DeFi yields still rely heavily on trading activity and leverage, Stani Kulechov and Guy Young said returns will increasingly come from traditional finance assets moving onchain.
Crypto finance is only now beginning to provide an environment that matches traditional finance: ways to earn steadier, more predictable returns — similar to bonds or savings products, according to Aave Labs founder Stani Kulechov and Ethena CEO Guy Young.
“Most fixed income is like the distribution of risk in different formats … basically just slicing and dicing and distributing risk,” Young said during a panel at Digital Asset Summit (DAS) in New York. “This piece of DeFi was probably the least featured two years ago.”
Until recently, crypto users mostly traded tokens or borrowed against them, often chasing high, unpredictable yields. New tools make it possible to lock in returns, even in a market known for big swings.
“What you’re doing with Pendle is providing a fixed-to-floating rate swap,” Young said, referring to a system that lets users choose between more stable or more variable returns — similar to choosing between fixed or adjustable interest rates.
That’s not easy in crypto. “It’s very difficult to know three months out what the market is actually going to look like,” he said.
Kulechov said Aave has helped support this shift by providing deep pools of capital that other projects can tap into. “Aave is sort of acting as a liquidity sink,” he said, helping “bootstrap a lot of the new coming products in DeFi.”
For now, much of the money being made still depends on trading rather than traditional lending. “A lot of DeFi yield … is largely still based on … leverage,” Kulechov said.
Over time, that could change as more real-world assets move onchain, a process known as tokenization.
“A lot of the yields and a lot of the economics will come from the traditional finance,” he said.
Read more: Ethena-backed suiUSDe stablecoin goes live on Sui with $10 million yield vault launch
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
