How much of that yield is real?
A pool advertises one number. It's usually two things glued together: interest borrowers actually pay, and a token the protocol is printing to attract deposits. BaseAPY splits every pool into the two.
One number, two kinds of money
Interest arrives in the same dollar you deposited. Emissions arrive as a governance token you have to sell, at whatever price exists then, on a schedule that can end without notice. Quoting them as one figure is the most widespread piece of misdirection in DeFi.
Split, don't sum
Every pool is broken into base interest and token rewards. Where a protocol reports only one side, the other is derived — and where the split genuinely isn't reported, it says so rather than assuming the worst.
Check it against its own past
A pool paying double its 30-day average isn't offering that rate, it's having a moment. Anything spiking, or too volatile for the headline to mean much, gets flagged instead of celebrated.
Rank by what's real
The board sorts by base yield, never by the advertised number. Sorting by headline would put the worst offenders on top — which is exactly the behaviour this exists to call out.
Where the money is right now
The largest pools whose advertised yield is mostly printed, live from DefiLlama. Sorted by deposits, because a small pool paying in tokens is a curiosity and a nine-figure one is the story.
Why protocols do this
Emissions buy deposits. A new pool with no borrowers has no interest to pay, so it prints a token instead and advertises the combined figure — deposits arrive, the headline looks competitive, and the cost is pushed onto whoever holds the token later. It isn't necessarily a scam; a lot of real protocols bootstrap this way. It only becomes one when the number is presented as though it were interest.
What it doesn't do
BaseAPY is read-only. No wallet connection, no deposits, no custody — it reads DefiLlama's public API and does arithmetic. It doesn't tell you a pool is safe: a high real yield is still a risk you're being paid to take, and this measures honesty of disclosure, not solvency. Nothing here is financial advice.
See the whole board
Every stablecoin pool over $20M, split and graded, with what your deposit would actually earn.
Open the board