DeFi Revives the ‘Mullet’ to Save Itself: Bloomberg Crypto

In this edition of the Bloomberg Crypto newsletter, Muyao Shensurveys DeFi’s efforts to revive itself by dabbling in — of all things — TradFi.

If you can’t beat them, join them

Just a year or so ago, the decentralized-finance corner of crypto was offering an (at least on the face of it) extremely compelling proposition: Yields as high as 20%, vastly more than what most of traditional finance could muster — not to mention your average zero-interest bank account.

That gap has all but vanished, and with it, much of DeFi’s raison d’etre. So perhaps not surprisingly, the industry is ...