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OneKey founder Yishi: The current DeFi returns are completely disproportionate to the risks, and soon everyone will reprice the risks.

OneKey founder Yishi: The current DeFi returns are completely disproportionate to the risks, and soon everyone will reprice the risks.

金色财经金色财经2026/04/20 04:36
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```htmlJinse Finance reported that on April 20, OneKey founder Yishi commented on the mass withdrawal of funds from Aave following the attack on KelpDAO’s staked token rsETH. He stated that the Aave protocol itself has no design flaws; ultimately, the problem lies with the poor quality of the underlying assets. L2 is also a false narrative, as it does not actually resolve asset quality issues and merely amplifies the illusion of liquidity. He further noted that the current DeFi returns are completely disproportionate to the risk—you cannot say that the protocol’s APY does not exceed short-term US Treasury yields while expecting users to bear ten times the risk. Soon, everyone will reprioritize risk valuation. Security comes with rigid costs—internal and external audits require money, and maintaining a complete security team is extremely expensive. Therefore, protocol fee rates and infrastructure costs are under pressure to increase; otherwise, spending on security cannot be sustained. The model of low fees and high risk is not sustainable. Previously, the DeFi bubble was driven by speculative games, and high returns stemmed from secondary market subsidies for mining tokens. Now, with a 180-degree shift towards contraction and restraint, even DeFi TVL can barely hold above $85 billion.```
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