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Glossary · R
Real Yield
Returns generated from genuine protocol revenue — trading fees, borrowing interest, or consensus rewards — rather than inflationary governance token emissions. Real yield is sustainable: GMX distributes trading fees in ETH to stakers; Uniswap's fee switch distributes swap fees to UNI holders; Aave's treasury earns from protocol revenue. Token emission-funded yield is not real yield — it dilutes existing holders and depends on new buyers absorbing selling pressure.
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