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People are leaving DeFi for a reason.
The @KelpDAO exploit didn't touch Aave smart contracts directly, but it still triggered freezes, bad debt fears, and withdrawals.
And on top of that, I don't think ~13% stablecoin APY is bullish tbh.
→ people pulled money out
→ borrowing stayed high
→ less liquidity left
→ higher rates to attract deposits
That's why the yield spike looks more like stress than strength imo.