In the 1980s, $150,000 parked in 10-Year U.S. Treasury (US10Y) bonds generated about $22,500 annually, almost equal to America’s median household income at the time. By 2020, that same amount yielded $1,500 or less. This was the collateral damage of nearly four decades of monetary policy that systematically extracted wealth from yield-seekers and savers to subsidize government debt and ‘stimulate’ growth. Decentralized Finance (DeFi) promised a respite. And initially, it delivered. Protocols ...

In the 1980s, $150,000 parked in 10-Year U.S. Treasury (US10Y) bonds generated about $22,500 annually, almost equal to America’s median household income at the time. By 2020, that same amount yielded $1,500 or less. This was the collateral damage of nearly four decades of monetary policy that systematically extracted wealth from yield-seekers and savers to subsidize government debt and ‘stimulate’ growth. Decentralized Finance (DeFi) promised a respite. And initially, it delivered. Protocols ...