DeFi needs new high-yield, high-risk products onchain.

Everyone knows DeFi yields are too low for the risks we take, so while we reduce exploit risks on one side, we need new financial primitives for high yield.

The demand for these products already exists.

Despite the risks the demand for high yield products is high:

• High yield corporate: ~7-9%

• Private credit: ~8-12%, some strategies up to 15%

• Private equity: ~12-18% (7-10 year lockups)

In contrast, stablecoins yield between 3% to 5% and that's because rsETH hack temporarily increased yield.

Seriously, DeFi risk profile looks good when you compare to private credit: illiquidity, years of lockups, unclear valuations and now withdrawal limits.

But private credit still attracted $1.5T anyway because 8-12% on USD is hard to find elsewhere.

That could be our target group currently underserved onchain.

----

We had amazing yields but the old yield model was reflexive.

Bull markets push leverage demand up, which pushes yield up.

Bear markets run the loop in reverse: TVL leaves, leverage demand collapses, yields compress.

Emissions and points were really fun but temporary. The yield is gone when emissions stop, and mercenary capital leaves after TGE.

We need to leave this circular economy.

One innovation is undercollateralized lending but it's hard without identity.

Maple tried this in 2021 and got rekt with ~$36M in bad debt from 3AC, Alameda etc. They stopped it now.

Centrifuge loans also get rekt often but that's a risk lenders should be willing to take.

Anyway, seems that the current innovation is still at importing TradFi yield instead of building crypto yield.

Ethena's USDe with perps funding rates is truly unique. But even they are relying more on TradFi yields recently.

Another recent 'innovation' is RWAs wrapping emerging market stables paying 10% local rates (with USD delta-neutral strategies). E.g. Brix on MegaETH.

Tokenized stocks potential is also underdeveloped but will help:

Borrow against tokenized SPX500 without selling which brings crypto native borrower demand but with real world collateral.

Still early.

What's actually missing is crypto native yield primitives.

Something like:

• Uniswap LP pools were the OG (and ETHlend). Yield from swap fees, paid by people actually trading. Still relies on crypto cycles but should reduce if payments increase (due to multiple stablecoin swaps required)

• Fluid turns debt into LP positions. The borrowed liquidity also earns trading fees.

• Liquity's BOLD pays yield from stability pool deposits and liquidation discounts.

• Pendle splits yield-bearing assets into principal and yield tokens. Created a yield-trading market that didn't exist before.

• Perp DEX LP vaults like Hyperliquid HLP. LPs earn from trader losses and funding rates.

• Jito style MEV captured at the staking layer.

The risk profile of these products is higher than wrapped T-bills.

But they should give much higher yields.

Private credit teaches that institutions are good at selling degen yield to their customers. DeFi could do the same.

Hope we can find 10%+ yields from onchain mechanics soon.

This will attract a new group of people, pump TVL and our bags as a result.

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。