# Is the Yield Real? Verifying Sources of Yield in DeFi

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 42:13
- Watch: https://streameth.org/watch/yt-zCDgOCt_Jp0
- YouTube: https://www.youtube.com/watch?v=zCDgOCt_Jp0

## Description

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

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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

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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.