Great article on DeFi yields.

$8B of onchain yield was generated in 2025.

- $1.76B from borrow interest (Aave, Morpho, Spark, Maple, Fluid)

- $4.2B from AMM trading fees (Uniswap, Meteora, Raydium)

- $300M from perps funding fees (Ethena, HLP, JLP)

- $600-900M from RWAs (BlackRock BUIDL, Janus Henderson, Superstate)

The rest from staking issuance and MEV.

Interesting that a lot of yield is hard to capture: AMM LPs still lose money to toxic flow.

Insurance industry is still small ... generated just $5.5M, mostly by Nexus mutual.

Funding rates are volatile (it was 0.6% in 2022 but 13% in 2024).

Almost HALF of all borrowing demand is just looping other yield sources.

Overall, 58% of stablecoin TVL earns under 3%... which is below treasuries.

Sky's 3.75% SSR looks sexy, but 70% of its income is offchain origination.

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