Where DeFi yield really comes from (and why it broke this spring)
Most of the coverage treated these as contagion events, which they were. But contagion describes how losses spread, not why some positions were exposed, and others weren’t. That question has a more useful answer, and it starts with how the industry talks about yield: as a product, something you market, package and sell like a phone plan, then stack against your competitor's number and let users sort by size. That framing makes yield easy to compare. It also strips out almost everything that determines whether a given yield holds up. On any exchange interface, yield arrives as a figure on…
