Crypto Finance Leans on Traditional Yields, Say Aave and Ethena Founders

Aave and Ethena founders explain how DeFi tools and on-chain tokenization could tilt yields toward traditional finance, delivering steadier returns amid volatility.

Rich by Coin

2026-03-24

Crypto finance is only now beginning to provide an environment that matches traditional finance, offering steadier, more predictable returns akin to bonds or savings products, according to Aave Labs founder Stani Kulechov and Ethena CEO Guy Young. While DeFi yields have long relied on trading activity and leverage, the founders say returns will increasingly come from traditional finance assets moving onchain.

Pendle’s fixed-to-floating rate swap, Young noted, lets users choose between more stable or more variable returns—similar to fixed or adjustable interest rates. Kulechov adds that Aave has helped support this shift by providing deep pools of capital other projects can tap into, effectively acting as a liquidity sink to bootstrap new DeFi products. Over time, more real-world assets could move onchain through tokenization, a process that would alter DeFi economics.

A lot of the yields and the economics will come from traditional finance, he said. New tools are enabling investors to lock in returns even in a market known for big swings.