Looking Back at Real Yield Projects: Have Tokens Delivered Better Market Performance?
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Looking Back at Real Yield Projects: Have Tokens Delivered Better Market Performance?
Do real yield tokens outperform other DeFi tokens?
Navigating Web3 tides with focused insightsAuthor: Ignas
Translation: TechFlow
Do you remember the real yield narrative? It received significant attention last year, but now it's rarely mentioned. In other words, since then, have real yield tokens outperformed other DeFi tokens?
Let’s take a look:
Currently, there are few mentions of the real yield narrative on Twitter. The blue line in the chart below represents mentions of real yield on Twitter, while the green line shows the ETH/USD price.
Below are the top protocols ranked by fees and revenue. But what we truly care about is returns for token holders, which makes these protocols genuine real yield tokens. Top projects include $CAKE, $GMX, $SNX, $CVX, $GNS, $LVL, $CRV, etc.
The key question is: how have these protocols performed since the narrative began?
I examined their lowest prices in 2022. These prices acted as catalysts for the real yield narrative, as the community sought to buy value tokens at a discount.
The answer is... not really.
Yes, real yield tokens like $RDNT, $GRAIL, $GMX, and $GNS have performed exceptionally well, leading us to believe that real yield is indeed real.
But others like $SNX, $CRV, and $CVX have underperformed compared to non-real yield tokens.
$CAKE is an interesting case. It's declining. It generated the highest fees for token stakers in the past 24 hours, yet its price has been consistently falling. Therefore, simply being a real yield token does not guarantee strong performance.
Many other factors need to be evaluated when assessing a token's potential. For example:
• Token inflation;
• Other narratives;
• Project development;
• Competition.
In short, for long-term investing, don't blindly trust narratives—instead, investigate a more comprehensive market perspective.
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Ignas | DeFi Research
