Whop shipped 6% yield to 21M users. Most of them have no idea it's DeFi. If you haven't heard of @whop, they're like Shopify, Patreon, and Udemy rolled into one for the internet generation. 21M users, $3B+ in payouts, growing 255% year over year. Their new Treasury product enables balances to earn up to 6% on @aave through @veda_labs via an integrated self-custodial wallet on @Plasma. The user just sees a number going up every second in their Whop dashboard, with zero crypto friction. Classic DeFi mullet. While congress debates whether stablecoins should be allowed to pay yield, Whop shipped yield through lending markets, sidestepping the debate entirely. Everything is a bank. Any platform with float can offer yield as a feature. This is the same threat to deposits that banks have been lobbying against, except this one is less in their control. Users are on Whop because that's where they earn. Now they can grow their balances there too. It's only a matter of time before Whop enables spend (cards) and credit (they can already see your revenue). This is the consumer equivalent of merchant banking, and banks will need to step up the utility of their offerings in order to compete.