DeFi Yields Outpacing Conventional Assets

Apollo Global, a $900 billion asset manager, observed their ACRDX product being leveraged on [Morpho](https://morpho.org) in real-time during a presentation at EthCC. **Key Points:** - Representatives Bhaji and Chris Moyall from Apollo Global presented on stage - ACRDX, Apollo's institutional credit product, demonstrated live onchain utility - The event showcased traditional finance integration with DeFi protocols This follows Apollo's February launch of ACRDX on Morpho, marking a significant step in bringing institutional credit products onchain. The live demonstration at EthCC highlighted how major asset managers are actively exploring decentralized finance infrastructure for real-world financial products.

Centrifuge has announced the launch of **DespXA on Base**, expanding its onchain finance infrastructure to Coinbase's Layer 2 network. **Key highlights:** - DespXA now available on Base network - Extends Centrifuge's real-world asset (RWA) tokenization capabilities - Leverages Base's lower transaction costs and faster settlement times This integration allows users to access Centrifuge's financial products with improved efficiency on Base's growing ecosystem. [Read the full announcement](http://centrifuge.io/blog/despxa-on-base)

**deSPXA**, a tokenized version of the S&P 500 index, has launched on Base, bringing traditional market exposure to decentralized finance. **Key Features:** - Trade, borrow against, short, or deploy in DeFi strategies - Built by Centrifuge using their deRWA framework - Provides exposure to the [S&P 500 Index Fund](https://twitter.com/JHIAdvisors) managed by JHI Advisors - Licensed by S&P Dow Jones Indices **Integration with Euler Finance:** The token will be available as collateral on [Euler Finance](https://twitter.com/eulerfinance), enabling users to borrow against their S&P 500 exposure, hedge positions, or take directional bets. This development transforms a traditional index into a composable onchain financial instrument, bridging conventional markets with DeFi infrastructure.

Centrifuge, a participant in the Sky Ecosystem since 2021, is expanding its role through Obex Cohort 1. The platform is now operating as a Sky Agent, deploying USDS into tokenized yield strategies across institutional-grade assets. **Key Development:** - Evolution from early onchain credit collateral provider to active Sky Agent - Focus on institutional-grade tokenized yield strategies - Part of broader Obex initiative deploying up to $1B across 8 projects **Context:** Obex Cohort 1 includes multiple participants working across structured credit, fintech lending, AI infrastructure, and energy finance sectors. The expansion represents a shift toward more active deployment of stablecoin liquidity into real-world asset strategies.

DeFi protocols are **quietly reconstructing the traditional fixed income stack** to accommodate institutional capital flows. This development represents a significant shift in how institutional investors can access yield-generating opportunities onchain. **Key developments:** - Traditional fixed income infrastructure being replicated in decentralized finance - Institutional-grade solutions emerging to bridge TradFi and DeFi - Spark protocol expanding its liquidity-as-a-service offerings for institutions [Read the full analysis](https://www.coindesk.com/opinion/2026/03/21/how-defi-is-quietly-rebuilding-the-fixed-income-stack-for-institutional-capital)