The DeFi ecosystem is undergoing significant changes, with investors increasingly prioritizing yield stability over high returns. A recent decline in Ethena's sUSDe share highlights this shift, as capital moves into Treasury-backed stablecoins like USYC and hybrid assets such as sUSDS.
This trend suggests that the market is moving towards a more traditional finance approach, where verified yield sources are forming the base of on-chain financial structures. As infrastructure matures, the experiments built on top can run on stronger fundamentals.