DeFi’s era of eye-popping yields is fading, but on-chain finance is not shrinking—it’s being rebuilt around tokenized ‘real-world assets’ (RWA) and ‘yield-bearing stablecoins’ (YBS) that draw returns from external cash flows rather than token emissions, according to a new report from Tiger Research.
The research argues that the post-2020 model—where protocols competed by offering high rates boosted by governance-token incentives—has largely run its course. In its place, the market is increasingly organized around on-chain representations of U.S. Treasuries, money market funds, private… Read more







