原文：DeFi's stress test ends quietly. Nothing broke.
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While the crypto world focuses on bitcoin BTC $ 82,164.36 rally, a major market issue tied to decentralized finance (DeFi) looks to have resolved for good.
Borrowing dollar-pegged stablecoins such as tether USDT $ 0.9997 and USD Coin (USDC) from heavyweight decentralized lending platform Aave now costs 5% or less in annualized interest. That's much lower than the 13%–14% seen last month following the KelpDAO hack.
The aftermath of the exploit saw whales pull out millions worth of coins, including stablecoins, from Aave, leading to borrowing pools running short of liquidity. This forced some traders to resort to borrowing stablecoins against their own locked stablecoin deposits. The net result was a surge in borrowing rates that could have easily spilled over into the wider market.
Normalization occurred after Aave governance suggested measures to improve stablecoin liquidity and ecosystem participants raised more than $160 million in relief funding.
“The crisis has resolved, and Aave V3 USDC has now normalized to around 3.86%. Morpho’s curated vaults sit in a 3.5% to 5.4% range, while Sky’s USDS savings rate is around 3.65%,” said Adam Haeems, head of asset management at Tesseract Group. Tesseract has $500 million in assets under management.
He added that the stablecoin rate cycle, from spike to fix to normalization, ran entirely independent of where bitcoin trades, with no spillover effects. “That is the more useful story for institutional allocators,” he noted.
Speaking of BTC, it topped $82,000 early today as oil prices crashed 6% and Nasdaq futures rallied on reports that Iran and the U.S. are nearing an agreement to end the conflict that has disrupted oil flows through the Strait of Hormuz, triggering gas price surges in the U.S. and petrol spikes in Asia.
Some analysts are now closely watching the 200-day SMA at $83,800.
“The leading cryptocurrency is approach