In the last week, Gary Gensler's SEC sent Uniswap Labs a Wells notice; crypto markets saw substantial price declines; liquidations totaled $1.7b over the last several days; and EigenLayer and EigenLayer DA launched on mainnet.

In the last week, MKR holders voted to increase the Morpho D3M line to 1B; the ACI teased a fee switch within AaveDAO; GHO's minting cap was increased to 47M; Synthetix v3 grew on Base; crypto users minted IRL goats; and ETH increased 6% since last week's issue.

In the last week, Prisma Finance was exploited for $11m; MakerDAO evaluated a shift to move DAI up the risk curve with a projected allocation of 600m DAI to their Morpho market with USDe over the coming months; Aave launched more incentives for GHO across DeFi; and ETH droped 8.7% since last week's issue.

Speculation that the SEC is looking to classify ETH as a security; a tale of two Genslers;  MakerDAO moves the DSR to 13%; and sideways action on ETH’s price. There's still a flurry of onchain and offchain activity around crypto and DeFi. Let's see how it's impacted DeFi yields since last week.

The Dencun hardfork and the arrival of blobs, ETH's rise over $4,000 and back down to $3,600, MakerDAO's rate and DSR hikes, and the ETHFI token launch announcement dominated the news this week. But what does it all mean for DeFi yields?

Yields on blue chip protocols in DeFi are higher than they've been in quite some time. The bull market you dreamt of in 2023 is finally here. Goodbye crab market; hello double-digit yields and high volatility.

What a week for on-chain assets. ETH is up ~16% over the last seven days, DeFi blue chip tokens are up, and the token incentives offered to depositors across DeFi are now worth more, which means higher APYs for depositors.