Where DeFi yield really comes from (and why it broke this spring)

In this week’s Crypto Long & Short, Solstice Finance’s David Plisek argues that most of the money lost in DeFi this spring wasn’t taken by hackers but by yield strategies that quietly stopped working. Looking at April’s $13 billion drawdown, he shows that a headline yield number reveals almost nothing about whether it will hold under stress, laying out four questions an allocator should ask before committing capital.

Source: https://www.coindesk.com/coindesk-indices/2026/08/18/crypto-long-and-short-where-defi-yield-really-comes-from-and-why-it-broke-this-spring