Across the largest onchain lending venues, the gap between what borrowers pay to lever volatile collateral and what lenders earn on stablecoin deposits has widened to its highest level in roughly a year.
Historically that spread widens when risk managers raise collateral factors ahead of expected volatility, and it has often preceded periods of forced unwinding.
Governance forums show at least three protocols debating tighter caps on long-tail collateral, with one proposal already passing a temperature check.
The picture is not uniformly defensive. Deposits into conservative, stablecoin-only vaults have grown, suggesting capital is rotating rather than leaving.
For treasurers, the practical implication is that the cheapest leverage of the past two quarters is unlikely to return without a fall in realised volatility.
