In 2025, MakerDAO’s RWA-001 protocol executed a financial coup: U.S. Treasury yields were transmuted into on-chain interest rates. When 10-year T-bond yields shifted by over 25 basis points, the system autonomously recalibrated the DAI Savings Rate—300 times faster than the Federal Open Market Committee’s traditional response cycle.

The End of “Assets Always Yield”

A radical experiment is unfolding in Europe: tokenized real estate on-chain now incurs -0.7% negative yield. Ownership, once a passive profit engine, becomes a liability—a reversal of the age-old rentier logic.

Hayek Realized: Currency Without Nation

What Friedrich Hayek envisioned as “Denationalization of Money”, DeFi has realized in code. When liquidity pool signals and smart contract consensus outperform central banks in managing inflation and recessions, monetary sovereignty begins to fracture.

Paradigm Shift

• Traditional: Central banks set rates through closed-door committees.
• DeFi-native: Autonomous DAOs encode policy into liquidity behavior, adjusting interest based on real-time market entropy.