Institutional DeFi Research
Stablecoin yield, liquidity, and market structure analysis designed for allocators, treasury teams, and institutional investors.
Latest issue
March 2026
Strategy
Archive
12 published notes
8 min typical read since Jan 13, 2026
Focus areas
Market Structure, Strategy, Research, Regulation
The institutional stablecoin market has crossed $300 billion in total market capitalisation as of early 2026. Yet the question most...
From the Desk
By Arkenyield
Stablecoin CLMM yield looks clean on headline APY, but realised returns are shaped by arbitrage, LVR, and JIT liquidity that systematically tax passive LPs.
Stablecoin CLMMs are not passive fee machines. Net LP yield is fee income minus adversarial extraction, and that difference compounds.
Open article
By Arkenyield
Displayed lending APYs on Aave and Morpho are not risk-adjusted returns. A correct framework prices smart contract, oracle, liquidity, bad debt, and governance risk separately before comparing yield.
On-chain lending rates price utilisation. They do not fully price the protocol, oracle, governance, and liquidity risks embedded in the position.
Open article
By Arkenyield
The stablecoin market has crossed $315 billion in total market capitalisation as of late March 2026, according to DefiLlama. That capital is distributed across Ethereum, Tron, Solana, BNB Chain, Base, Arbitrum...
Cross-chain yield differences only matter if the desk can move size efficiently enough to capture them.
Open article
By Arkenyield
The most consistent finding from institutional DeFi operations is the gap between theoretical yield and realised yield. The theoretical yield is what the protocol interface displays. The realised yield is what lands...
Realised yield is operational yield, after bridge timing, gas, monitoring, and custody latency all take their cut.
Open articleData
