Why sustainable yields matter more than you think

Here's the thing about yield in this space—it's not all created equal.

When you're chasing APY numbers, easy to miss what's actually backing those returns. Real yield? That comes from somewhere:

• Trading activity—actual transaction volume
• Market making spreads—liquidity provision
• Protocol fee capture—real revenue streams

None of this hinges on token emissions or endless inflation. And that's the difference that shows up fast when market cycles flip.

Emmission-driven yields feel good until they don't. Real business fundamentals? Those hold up when things get rough.