The Apyx stablecoin just depegged to $0.93 — and the protocol called it a feature, not a bug.
That sentence should be doing more work in your risk framework than the $BTC price chart right now.
This is the pattern DeFi keeps repeating: aggressive yield mechanics, novel design choices, and teams reframing failures as intentional behavior. The market resets and forgets every 18 months. The damage is real.
$ETH infrastructure is building toward compliance-ready DeFi rails. $AVAX enterprise subnets let institutions isolate protocol risk entirely. On-chain governance exists so no single actor can ever call a 7% depeg working as intended.
The GENIUS Act passed. Institutional stablecoins are coming. That means institutional standards are coming too.
The DeFi protocols that survive this decade won't be the ones with the highest APY. They'll be the ones that can explain every price movement in their whitepaper — without quoting the roadmap.
Before you chase the yield, scrutinize the design.