As a commodity supercycle unfolds, crypto has the potential to redefine what investors can do with gold and commodities investing. Gold prices push to repeated all-time highs, gold-backed tokens such as Tether’s XAUT and Paxos’ PAXG have also seen explosive growth, with trading volumes even surpassing those of most traditional gold ETFs. Historically, gold simply sat in a vault earning nothing. Today, tokenized gold is being deployed across DeFi to generate yield. For example, Uniswap’s PAXG/USDC pool allows liquidity providers to earn trading fees while maintaining exposure to gold, effectively turning a passive safe-haven asset into an income-generating one. This creates a significant opportunity for DeFi, as traditional commodity investments do not generate yield, and the ability to earn yield represents a meaningful enhancement that could accelerate DeFi adoption.