Where stablecoin and money market yields actually come from, what can break each, and which delivers better risk-adjusted returns when you account for collateral quality and failure modes.
DeFi protocols change fees, collateral factors, and emissions after you deposit. Governance votes on these changes days before they execute, if you know where to look.
Monetize rare NFT traits through collateralized lending, rental premiums, and trait-gated airdrops. Extract ongoing income without triggering a taxable sale.
Most crypto tax software handles exchange trades. Almost none handle rebasing LSTs, LP positions, or multi-chain DeFi correctly. Here is what each platform actually documents.
Ethena's sUSDe pays 7% APY through a delta-neutral basis trade. The yield comes from funding rates, staking rewards, and T-bills - but October 2025 proved what happens when the mechanism flips.
Most bots capture spread, extract funding rate, or sell subscriptions. The profit source defines what breaks it. Here's the decomposition by category.
Restaking yield stacks three layers: base staking, AVS payments, and points programs. Each has a different source and failure mode. Here is what happened the last time TradFi tried this.
If the reason to hold cannot be written as something that could be proven false, it is not a thesis. Here is what to measure, and at what level to act.
Step-by-step checklist for evaluating who actually controls the protocol holding your funds: multisig composition, timelock delays, and admin key capabilities.
Uniswap cut LP fees by 17%. Aave changed liquidation thresholds. Most providers lost 2-5% before they noticed. Here is the checklist that catches these changes.
Uniswap cut LP fees by 17%. Aave changed liquidation thresholds. Most providers lost 2-5% before they noticed. Here is the checklist that catches silent changes.
Uniswap cut LP fees by 17%. Aave changed liquidation thresholds. Most providers lost 2-5% before they noticed. Here is the checklist that catches changes before they cost you.
A protocol earning $2M a year does not mean its token does. The two questions are separate and most projects deliberately blur them. Here is how to check.
Daily volume measures activity, not exit capacity. For small caps, the question that matters is whether the pool can absorb your position without collapse.
Token unlocks create predictable sell pressure. Here is how to read vesting schedules, estimate dilution risk, and time positions around the supply events most buyers never check.
Transaction hashes, cost basis at entry, reward events with dates and prices. What records a DeFi yield position needs years later, and why exchange exports fail.