Real Yield
DeFi yield paid from genuine protocol revenue rather than newly issued reward tokens.
Real yield refers to DeFi returns paid from a protocol's genuine revenue (such as trading fees), rather than from newly issued reward tokens whose value can be diluted or can fall as more are issued.
The distinction matters because token-emission-funded yield can be a temporary promotional mechanism, while revenue-funded yield reflects a protocol's actual, ongoing economic activity.
Examples
- A protocol paying yield from trading fees it actually collects is commonly described as offering real yield.
- Real yield is generally considered more durable than yield funded purely by new token issuance.
Learn more
Protocol-Owned Liquidity
Read the Protocol-Owned Liquidity glossary definition
Understanding Real Yield vs. Emissions-Funded Yield
Read the full guide
Protocol-Controlled Value (PCV)
Read the Protocol-Controlled Value (PCV) glossary definition
Yield-Bearing Stablecoin
Read the Yield-Bearing Stablecoin glossary definition
Yield Tokenization
Read the Yield Tokenization glossary definition