Is the Yield Real? Verifying Sources of Yield in DeFi

DeFi yield is maturing, but is it really "real"? This panel goes deep into where yield comes from today: borrowing demand, perpetuals, real-world assets, and points. Guests from Spark, Euler, Gearbox, and Superform dissect risk, transparency, and onchain data, while challenging what makes yield sustainable versus speculative. They also explore institutional trends, user psychology, and the wildest yield models they've seen. Speakers: Sam MacPherson, Co-Founder and CEO, Spark Vikram Arun, Co-Founder, Superform Mikael Lazarev, Inventor & CTO, Gearbox Michael Bentley, Co-founder, Euler Moderator: Anna Stone, COO & Co-Founder, Cork --- 00:00 Intro by Anna Stone 00:36 DeFi Yield: Then vs Now 02:37 Panelist Introductions 09:20 What Is Yield and Where It Comes From 11:49 Are Points Real Yield? 17:09 Yield Risk: Speculation vs Structure 20:22 Using Onchain Data to Assess Risk 24:39 From High Risk to Foundations 27:39 Future Yield Users and Customer Segments 34:41 Designing Sustainable Yield Strategies 35:42 Beyond Pools: Credit Market Innovation 37:20 Most Degenerate Yield Models --- Explore Upcoming Events 👇 ➣ Stable Summit III: Devconnect • Website: https://www.stablesummit.xyz/ • Email: info@stablesummit.xyz • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/devconnect2025?typeform-source=www.stablesummit.xyz ➣ Stablecoin Summit: Singapore by XREX & Unitas • Website: https://stablecoinsummit.com/ • Email: team@stablecoinssummit.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/stblcoin3?typeform-source=stablecoinsummit.com ➣ Blockchain Oracle Summit: Devconnect • Website: https://blockchainoraclesummit.io/ • Email: info@partyactionpeople.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/BOS25apply ➣ Listen to the Stable School Podcast Link: https://stableschool.org/podcast ➣ Follow Stable Summit on X Link: https://x.com/stable_summit — About: By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.