Analyzing Crypto Interest Rates
Analyzing Crypto Interest Rates
The Incentive-Adjusted Yield Framework
The Incentive-Adjusted Yield Framework
The Incentive-Adjusted Yield Framework
This report uses current on-chain data and stablecoin rates to break down why headline APYs often fail as benchmarks for understanding market rates.
This report uses current on-chain data and stablecoin rates to break down why headline APYs often fail as benchmarks for understanding market rates.
Inside This Report
Inside This Report
Why Headline APYs Are Often Misleading
Why Headline APYs Are Often Misleading
Learn why most stablecoin yields are blended numbers that combine real borrow demand, protocol mechanics, vault strategy risk, and external incentive subsidies.
Learn why most stablecoin yields are blended numbers that combine real borrow demand, protocol mechanics, vault strategy risk, and external incentive subsidies.
How Stablecoin Incentives Change the Cost of Capital
How Stablecoin Incentives Change the Cost of Capital
Understand how TVL growth programs can push yields above organic market levels, and why two identical APYs can carry fundamentally different risk.
Understand how TVL growth programs can push yields above organic market levels, and why two identical APYs can carry fundamentally different risk.
Understand Protocol Context
Understand Protocol Context
Get a clear understanding of different protocol mechanics and why they impact market rates.
Get a clear understanding of different protocol mechanics and why they impact market rates.
CDOR as a Clean Benchmark for Borrow Costs
CDOR as a Clean Benchmark for Borrow Costs
See how CDOR provides a transparent reference rate derived from observable on-chain borrowing activity, and why separating organic borrow costs from reward-driven yield is essential for accurate benchmarking.
See how CDOR provides a transparent reference rate derived from observable on-chain borrowing activity, and why separating organic borrow costs from reward-driven yield is essential for accurate benchmarking.
Why DeFi and Institutional Readers Need This Report
Why DeFi and Institutional Readers Need This Report
Accurate Yield Benchmarking
Accurate Yield Benchmarking
Stop treating subsidized yield, organic lending rates, and vault strategy returns as interchangeable when evaluating yield.
Stop treating subsidized yield, organic lending rates, and vault strategy returns as interchangeable when evaluating yield.
Risk Transparency at the Vault Level
Risk Transparency at the Vault Level
Understand where yield actually comes from, what risks generate it, and how hidden leverage, off-chain exposure, and liquidity constraints affect the true risk-return profile.
Understand where yield actually comes from, what risks generate it, and how hidden leverage, off-chain exposure, and liquidity constraints affect the true risk-return profile.
A Practical Decision Framework for Stablecoin Yield
A Practical Decision Framework for Stablecoin Yield
Use a structured decomposition to evaluate any stablecoin vault, identify incentives , adjust for strategy risk, and compare opportunities on a consistent, decision-grade basis.
Use a structured decomposition to evaluate any stablecoin vault, identify incentives , adjust for strategy risk, and compare opportunities on a consistent, decision-grade basis.
