Liquid staking and DeFi yield: trace the source of returns
Understand liquid staking receipts, reward accounting, redemption routes, and extra DeFi layers, then trace each proposed return to its source and dependencies.
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Staking & yield
Trace every source of returns.
Learn how staking receipts, liquidity, borrowing demand, fees, and incentive tokens interact. Follow the source of a return and the conditions required to withdraw the underlying asset.
An attractive displayed rate can combine several mechanisms. These guides help separate a reward from a price change, an accounting balance from a market quote, and a withdrawal process from a secondary-market sale. Compare costs and dependencies before treating two products as equivalent.
Build the broader context with the DeFi fundamentals guide or explore every topic.