#当前行情抄底还是观望？ Ethereum co-founder Vitalik Buterin posted on X platform stating that USDC deposit yields are not considered DeFi; only algorithmic stablecoins are truly DeFi. He explained from a risk structure perspective: if there are high-quality algorithmic stablecoins collateralized by ETH, even if most of their liquidity comes from CDP holders, the key is still to transfer the counterparty risk on the dollar side to market makers; even if algorithmic stablecoins are backed by RWA, as long as they achieve over-collateralization and asset diversification—ensuring that the collateral remains sufficient even if any asset encounters issues—that constitutes a substantial improvement in the risk structure for token holders.

Buterin believes the industry should move in this direction and gradually shift away from USD-denominated units toward more universal and diversified index-based valuation systems. The current practice of "depositing USDC into Aave for interest" does not fall into this category.