Real Yield

Yield paid from genuine protocol revenue: trading fees, interest, liquidation proceeds, rather than token emissions. A protocol paying 15% APY in real yield is fundamentally different from one paying 15% APY by minting and distributing its own governance token. Real yield paid in ETH, stablecoins, or buyback-funded tokens does not dilute holders; emission-funded yield consumes governance token value and requires new entrants to sustain it. The distinction is the first question in any DeFi yield due diligence. Compare yields with the DeFi Yield Calculator.