Wall Street is buying DeFi tokens again, even as everyone worries the code is unsafe

- Wall Street is back buying DeFi tokens, apparently forgetting that April saw $635 million vanish to exploits. Coinbase Ventures and Janus Henderson are loading up on Ethena’s ENA, while Apollo and others sink $175 million into Morpho’s MORPHO. They’re betting that security panic will flush out the weak, leaving only institutional-grade rails like Morpho (with Binance and Kraken as users) to survive. It’s a classic "buy the dip" strategy, assuming governance rights actually capture value from the billions in deposits. Spoiler: they don’t. But if you’re brave enough to ignore the code audits, maybe you’ll get rich when USDe retests higher supplies. Or maybe you’ll just be another cautionary tale in a sector where "trustless" is just marketing speak for "pray the smart contract doesn’t rug."