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The Aave GHO Savings Rate at 4.25% fixed APR is the one I'd watch most closely this week. Fixed yield on a decentralized stablecoin is exactly the kind of product TradFi banks have been quietly terrified of. If Aave executes cleanly and TVL flows in, it proves DeFi can compete on yield without the synthetic complexity of earlier products. The Ethena USDe backing diversification into RWAs is also worth tracking — that's two major protocols this week signaling the same direction: DeFi is moving toward real-world asset backing. That convergence isn't random.

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