Crypto natives severly underprice the risk premium their funds are exposed to in DeFi. USDT/C is not risk free. cb/wBTC is not risk free. Chainlink is not risk free. L2s are not risk-free. There a bunch of risks to price: -Oracle -Custody -Governance -Financial -Smart Contract -Operational Junior capital/equity buffers help mitigate this, but being exposed to all of the above for 50/75bps over the RFR with no insurance is crazy.