DeFi

Protocols rather than companies: lending markets, exchanges that run as code, staking and the yield that sits on top of all of it. These pieces explain where a return comes from and who is paying it, because in DeFi every yield has a counterparty even when no counterparty is named. Nothing here recommends a protocol, quotes a rate as achievable or ranks venues; the data section carries the figures, and these articles say how to read them. Where a mechanism has failed before, the failure is described rather than footnoted. Each figure a piece here quotes is dated and linked to its primary source, whether a contract, a protocol's own documentation or a court filing.