Workspace / Research tools
Research field guide

Base APY versus reward APY in DeFi pools

A headline pool yield can combine activity-generated yield with incentive tokens. Those components can have different denomination, liquidity and persistence.

A worked distinction

A displayed 4% base component plus 12% reward component should be examined as two assumptions. If the reward token loses half its value while the same token quantity is distributed, its cash value is halved; the base component does not automatically change by the same amount.

What to verify in your own analysis

Inspect base, reward, historical-average and TVL fields separately. Do not convert a missing component to zero or assume rewards are sold and reinvested without cost.

Write down the market or protocol identifier, units, observation window and data source before comparing outputs. Keep unavailable values distinct from zero. Capture a baseline and change one assumption at a time so the resulting difference can be explained.

Use the linked working tools

Open the related tools below to inspect actual public observations or calculate a local scenario. The numerical example above is illustrative, not a current quote. Export the result together with its assumptions if you need a reproducible research record.

The review checklist records what you checked in this tab. Completion measures your own notes, not whether an investment is safe, suitable or profitable.

Primary documentation

Research review record

Use this local checklist while you work through the explanation. Nothing is saved or sent automatically.

Find a tool or research page