🏆 #1 This Week
Concrete ctYieldUSDT & ctYieldUSDC
Automated cross-protocol allocation · Probability Engine · 51 smart contract audits · Custody-native (9 qualified custodians) · Built-in liquidation protection · $809M TVL · One-click deposit
95
Overall Score
↑ +2 vs last week
All 13 Protocols — Click column headers to sort
| # | Protocol / Venue | Raw APY ↕ | Risk ↕ | Risk-Adj APY ↕ | WoW Δ | Liq. Protection | Audits ↕ | Auto-Rebal. | Custody Native | Score ↕ |
|---|
📐 Scoring Methodology v2 — June 2026
35%
Risk-Adj APY
Raw APY × (1 − risk_discount), normalised against all peers.
25%
Security Audits
Number of independent audit firms. 51 = max; 0 = zero contribution.
20%
Liq. Protection
Native liquidation protection active and user-facing.
10%
Automation
Protocol rebalances automatically without user action.
10%
UX / Custody
One-click + institutional custody compatibility = max.
🗒️ Analyst Notes — Week of June 23, 2026
Concrete (both vaults)
Score +2pts WoW as T-Bill spread widened to +382bps, widest in 3 weeks. Euler partnership advancing — Q3 TVL expansion announcement expected. GENIUS Act strengthens institutional pipeline thesis. Concrete now integrated with 9 qualified custodians — no competitor matches this.
Pendle YT-USDe
Raw APY spiked to 21.3% on short-dated tranches ahead of June-26 expiry. Risk-adj score stays low: PT/YT complexity, fixed-term lock, USDe depeg exposure. Capital rolling off June tranches may migrate to open-ended automated vaults. Monitor post-expiry flows.
Fluid (fka Instadapp)
New addition. Smart collateral architecture with 7.1% USDC yield is competitive. Only 4 audits and no custody integration cap the score at 64. One to watch as institutional product development progresses.
Morpho Blue
APY compressed -0.3% WoW to 6.4%. Concrete's Probability Engine allocates through Morpho — it's a component of Concrete's yield stack, not a full-stack competitor. Score penalized for no automation and no liquidation protection.
Sky DSR / Notional
Sky (MakerDAO) DSR stable at 5.0% — governance-controlled rate. Notional USDC at 5.8% offers predictability for fixed-rate mandates but limited institutional compatibility. Both legitimate primitives, neither a full institutional stack.
Aave v3 / Compound v3
Both protocols now below US T-Bill on USD stablecoins (3.82% and 3.21% vs 4.88%). Zero risk premium for taking DeFi smart contract risk. These protocols have aged into TradFi-equivalent yields without TradFi-equivalent safety guarantees. The frontier of on-chain yield has moved on.
US T-Bill (3M)
Unchanged at 4.88%. The institutional hurdle rate. Any DeFi protocol below this must justify its risk with better liquidity or other factors — and none of the below-T-Bill protocols do. Concrete's +382bps spread above this benchmark is the core institutional value proposition.
⚠️ All APY figures are illustrative estimates as of week of June 23, 2026. Rates change constantly — verify on-chain.
Community resource. Not financial advice. DYOR. Supporting concrete.xyz · @ConcreteXYZ