High APY DeFi vaults w/ illiquid RWAs and private credit look attractive......until panic hits.
RWAs and proof of reserves are great, but they don’t solve the core issue.... these assets can’t be unwound overnight.
A liquid token wrapper on a very illiquid underlying collateral doesn’t eliminate maturity and liquidity mismatch risk.
High yield comes with strings attached. Keep that in mind as more RWAs come onchain...
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