Concrete Earn
Earn is the access layer for yield strategies. The relevant question is not only the displayed APY, but how the product packages allocation, custody, exits and risk controls.
Edition 03 / Research Snapshot
The Institutional Yield Spread
How much extra yield are DeFi strategies actually paying for additional risk?
01 / Market Snapshot
Compare the spread, then inspect the risk.
A blank market field is intentional. No APY or TVL is shown without a captured source, date and measurement period. This edition is a framework for disciplined comparison, not a live rate board.
| Strategy / benchmark | APY | TVL / scale | Measurement period & data date | Source status |
|---|---|---|---|---|
| Concrete | Not collected | Not collected | Not collected | No numerical claim made |
| Aave | Not collected | Not collected | Not collected | No numerical claim made |
| Morpho | Not collected | Not collected | Not collected | No numerical claim made |
| Euler | Not collected | Not collected | Not collected | No numerical claim made |
| Yearn | Not collected | Not collected | Not collected | No numerical claim made |
| Pendle | Not collected | Not collected | Not collected | No numerical claim made |
| Tokenized Treasury / RWA benchmark | Not collected | Not collected | Not collected | No numerical claim made |
| U.S. Treasury benchmark | 4.70%24 Aug 2026 observation; 10-year par yield | N/A | Daily observation · 24 Aug 2026 | U.S. Treasury daily yield curve |
The 4.70% Treasury figure is a dated benchmark observation, not a live quote. Treasury yields, tokenized RWA yields and DeFi APYs are different instruments with different liquidity, settlement, credit and smart-contract characteristics.
02 / Yield Premium Calculator
Price the extra return.
Enter two dated observations from your own research. The calculator does not fetch or imply live market data.
Yield Premium = Strategy APY − Benchmark APY
Use percentage points, such as 8.25 for 8.25%. Record the measurement period, data date and source alongside each input before relying on the result.
Calculated premium—
03 / Risk-Adjusted Scorecard
Yield is one input, not the verdict.
A transparent independent analytical framework. The score is not an official Concrete rating and is not a prediction of returns or losses.
Illustrative framework output
Snapshot date: 24 Aug 2026 · Source: independent analytical framework, author calculation. Component values are analytical judgments, not market data.
78/ 100 independent score
Yield70
Liquidity78
Security / audits82
Automation88
Strategy complexity66
Protocol / counterparty exposure68
Withdrawal mechanics75
Liquidation protection86
How the 0–100 score is built
Weights sum to 100%. A higher score means the framework finds the strategy more robust across these dimensions; it does not mean the strategy is risk-free.
20%Yield and spread quality
15%Liquidity and exit depth
15%Security and audit evidence
10%Automation quality
10%Strategy complexity
10%Protocol / counterparty exposure
10%Withdrawal mechanics
10%Liquidation protection
04 / Concrete Focus
Where the product thesis fits.
Automated allocation
Concrete’s allocation approach is designed to route capital across strategies rather than ask each user to manually monitor every venue. Automation can reduce operational burden, while adding its own execution and model risk.
Risk-adjusted yield
The institutional spread is the return left after considering liquidity, security, complexity and exposure. A larger headline rate is not automatically a better risk-adjusted outcome.
Liquidation protection
Protection against liquidation matters where leverage or collateral mechanics can force an exit. It should be evaluated as a specific mechanism, with conditions and limits documented.
Earn V2
Earn V2 belongs in the diligence conversation as an evolution of the product architecture. Verify current product behavior and terms from Concrete’s primary documentation.
Daily NAV / accounting
Daily NAV and accounting can make portfolio value and attribution easier to monitor. Operational clarity supports diligence, but does not remove underlying market or protocol risk.
05 / Institutional Benchmark
Why Treasury and RWA yields matter.
A benchmark is a hurdle rate and a risk conversation, not an apples-to-apples product comparison.
Capital has alternatives
Treasury yields show what a dollar-denominated portfolio can earn through a sovereign instrument, subject to its own duration, reinvestment, custody and jurisdiction considerations.
RWA is a bridge, not a mirror
Tokenized Treasury and RWA products may add on-chain settlement and composability, while retaining reference-asset, issuer, legal and platform risks. Their yield should be sourced separately.
Spread needs context
DeFi’s additional return must compensate for protocol, liquidity, operational and smart-contract risk. The Treasury benchmark helps make that hurdle visible without claiming equivalence.
Dated observation
4.70% U.S. 10-year Treasury · daily observation, 24 Aug 2026. Source: U.S. Treasury daily Treasury par yield curve rates. This is historical snapshot data, not live.
06 / Methodology
Read the number carefully.
APY is not realized return
APY is a quoted annualized rate under stated assumptions. Fees, compounding, duration, incentives, slippage and changing rates affect realized return.
Higher is not automatically better
A higher APY can reflect higher complexity, weaker liquidity, more concentrated exposure or greater contract risk. The spread must be considered with the risk budget.
Rates change
Historical rates change. Every comparison needs a measurement period, data date and source. Never read this page as a live dashboard.
Audits have limits
Audits can improve evidence quality, but they do not eliminate protocol risk, economic risk, upgrade risk or operational failure.
Independent framework
The scorecard is an independent analytical framework, not an official Concrete rating. Its judgments should be challenged and updated as evidence changes.
Informational only
This research snapshot is informational and not financial advice. Verify primary sources and assess suitability with a qualified professional.
07 / Sources
Evidence trail.
The only external numerical market claim in this edition is linked below. Product descriptions should be verified against current primary documentation.
U.S. Treasury daily yield curve
10-year par yield: 4.70% · daily observation · 24 Aug 2026. Primary source ↗
Concrete primary site
Product and protocol information should be checked against current Concrete materials. concrete.xyz ↗
Scorecard provenance
All 0–100 score values and weights: independent analytical framework, author calculation, snapshot date 24 Aug 2026. Not an official Concrete rating.