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DeFi stablecoin yields are currently struggling to outperform even US 2-year Treasury notes. At the moment, $AAVE of USDT and USDC, and $SKY of sUSDS, mostly only yield a bit over 3%, while US Treasuries are at 5%+. Right now, the liquidity premium in crypto markets has vanished—this is the tragedy of a zero-sum, finite-supply game. From this perspective, AAVE and SKY’s token prices are unlikely to see any improvement in the short term. #FedFirst25BpsHikeSince23