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Real Yield vs Token Yield Is a Real Distinction Worth Defending
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@blockonomist
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2026-05-17 12:33:39
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2026-06-09 20:42:51
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The "real yield" framing that emerged around 2022-2023 gets dismissively called a narrative shift. It was actually a useful analytical distinction. Yield denominated in established assets from identifiable revenue sources is a different thing from yield denominated in newly minted governance tokens whose only demand is as yield. The hard part is that even "real yield" protocols can have problems — impermanent loss, smart contract risk, liquidation cascades. And token yields aren't automatically worthless; some governance tokens have real utility or legitimate speculative value. But the first question for any DeFi yield should still be: where is this actually coming from? That question was not asked enough in 2020-2021.
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