How much do I keep?

See what fees, token rewards and rising prices do to the advertised income.

Example holding. Change anything to check your own.

New to this? Read a short explanation

Why a high yield is a warning, not a prize

A 20% yield is not magic. The dollars have to come from somewhere. A real yield comes from real income: interest somebody pays, rent somebody pays, fees somebody pays. A fake one comes from the project printing its own token and handing it to you.

Anchor paid 20% on a stablecoin in 2022 while safe assets paid 1%. The math said it could not last, and it kept going for a year, until new deposits stopped covering the payouts. Then it broke in days. This takes out the part paid in the project's own token, takes off inflation, and puts what is left next to what safe assets pay today.

The project

Two questions about the headline number, three about what is underneath it.

The yield they advertise, in percent

The number on the front of the page.

Kind of asset

Sets the boring rate to compare against. Every kind of asset has one, and that is what the project is paying you to move away from.

How much of it is paid in their own token0%

Your best guess. This is the part paid in the project's own token instead of real income, and it stops when the token stops going up. Check the documents. If it is not clear, that is a warning on its own.

None of it, all real incomeAll of it, none real

What the project keeps before it reaches you10%

Most take 10 to 30%. A Treasury bill fund takes a fraction of that. Read the fee page.

Inflation you want to allow for, in percent

Taken off the yield so you see what you really gain. Three percent is close to recent US inflation. Use your own country's number if your money lives elsewhere.

Result

Tokenized treasuries, 8% promised

4.2%

estimated yearly gain in buying power, after excluding new token rewards and allowing for fees and rising prices.

More numbers

+3.70 percentage points

Difference from the comparison rate

baseline 3.50% for this asset type

What is left of the headline

Promised

8.0%

From real revenue

8.0%

After fees

7.2%

After rising prices

4.2%

Each bar is what survives the step above it.

What this means

Premium is high. Ask the team specifically what part of the business justifies a yield well above Treasury bills.
You said 0% of the APY is from emissions. If that's wrong, the rest of this math is too optimistic.
Protocol takes 10% in fees, leaving 7.2% net to you.
After 3% inflation, your real yield is 4.2%.
Natural yield for tokenized treasuries sits around 3.5% nominal. You're being paid +370 bps over that baseline.

Baseline from dated defaults. The live feed was down.

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How this tool works

How to read this

01
The promised rate is what the page says. The real rate is what is left after fees, lockups and the risk you take.
02
The baseline is what a plain, low risk product pays right now. Everything above it is payment for extra risk.
03
A big gap between promised and baseline is not a gift. It is a question: where does the extra come from?

Live baselines from DefiLlama, refreshed every ten minutes. Educational only.

How the calculation works

01Real yield = promised rate minus token emissions, fees, lockup cost and inflation, each as you enter them.
02The baseline is the median rate of the plain onchain Treasury bill pools right now. Everything above it is payment for extra risk.

Data sources and update times

DefiLlama yields: Onchain Treasury bill, private credit and stablecoin savings pools; Cached 10 minutes, fetched when the page opens, with dated fallbacks if the feed is down