Real Yield Or Real Illusion? The Next Chapter Of DeFi Depends On This One Shift

Alexander Sudeykin is a co-founder and Chief Growth Officer at Evaa Protocol, a leading lending protocol.

After years of chasing unsustainable APYs, decentralized finance (DeFi) is being forced to grow up. But can it deliver real, sustainable yield—or is the dream still a mirage?

Let’s rewind to DeFi circa 2020–2022: outrageous APYs, liquidity mining mania and capital ricocheting between projects like a high-speed pinball game. Protocols grew rapidly by handing out tokens like candy—boosting total value locked (TVL) while quietly eroding their long-term viability.

Fast-forward to 2024–2025, and the mood has shifted. Today’s investors are more skeptical, more structured and more yield-savvy. Beyond the memecoin frenzy, there’s growing demand for something more grounded: dependable, sustainable yield.

Yet despite Bitcoin hitting a new all-time high at $109,114 in January 2025, the DeFi market still hasn’t caught up. As of March 31, the total value locked in DeFi sits roughly 47% below its 2021–22 peak. This divergence suggests that hype alone won’t bring the capital back. What might? A move toward real, sustainable yield.

That brings us to the critical question: What exactly is real yield—and why does it remain so elusive?

What Is Real Yield, Really?

In simple terms, real yield refers to income generated from actual economic activity—trading fees, lending interest or protocol revenue—rather than the issuance of more tokens. It’s a concept that echoes traditional finance, where dividends come from company profits, not from printing more shares.

The problem is that most DeFi protocols still rely heavily on inflationary emissions. They attract users by distributing their native tokens as rewards, often far exceeding what the platform earns. This creates a short-term sugar high—and long-term dilution. Once the rewards taper off, so does user interest. Capital flees, treasuries dry up and TVL deflates.

Some have likened this to building a skyscraper on quicksand. Without a revenue-backed foundation, no yield model—no matter how attractive—can last. This is why the shift toward real yield is not just about better tokenomics. It’s about survival.

One ecosystem that’s beginning to approach this challenge differently is TON. Its native integration with Telegram unlocks access to over 1 billion users and removes a major hurdle for mass adoption: user experience. No more complex wallets or confusing bridges—just finance that feels familiar.

New DeFi protocols are starting to tap into this user experience (UX) advantage by offering structured products that serve both casual users and power farmers. It’s a subtle shift but a powerful one that delivers fixed, predictable returns and one that offers leveraged exposure to variable yields and point systems. These structured options let users choose their strategy instead of blindly chasing the highest APY.

It’s not just about token mechanics—it’s about giving people more control over how their capital works—and that’s where real yield starts to feel real.

Where DeFi Goes From Here

If the last cycle was defined by speed and speculation, the next one will be defined by substance. DeFi protocols that can’t generate—and share—real revenue will gradually fade out. In their place, we’ll see platforms that prioritize long-term capital efficiency and user trust.

That means three things: First, yields must be grounded in actual protocol activity, not promises. Second, the user experience must be intuitive, mobile-first and accessible. And third, the product must deliver genuine financial utility—something users would want even without incentives.

The TON ecosystem is an early indicator of this direction. I have a great example of how this can look in practice. At EVAA, our users have a simple way to access structured yield strategies—directly within Telegram. No need for separate wallets or bridges. And if users add to that fixed income tools, protection from impermanent loss and point multipliers for liquidity providers, they start to see what the next generation of DeFi really looks like. It’s not about hype anymore—it’s about reliability, usability and real value.

Because here’s the thing: The loudest APY isn’t always the best. In fact, the future of DeFi may belong to the quietest, most consistent yield.

An Opportunity To Evolve Into Something Better

Real yield isn’t just another DeFi trend—it’s a foundational shift. Protocols aren’t alone in exploring this path, but they offer a glimpse of what’s possible when incentives align with sustainability rather than speculation.

This is the moment for DeFi to grow up. If the sector can evolve past vanity metrics and start delivering actual value, we’ll see a new kind of sector emerge—one that isn’t just open, but also durable.

In the end, that’s the only yield that truly matters.

Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?

Enhance your driving experience with the P12 Pro 4K Mirror Dash Cam Smart Driving Assistant, featuring Front and Rear Cameras, Voice Control, Night Vision, and Parking Monitoring. With a 4.3/5-star rating from 2,070 reviews and over 1,000 units sold in the past month, it’s a top-rated choice for drivers. The dash cam comes with a 32GB Memory Card included, making it ready to use out of the box. Available now for just $119.99, plus a $20 coupon at checkout. Don’t miss out on this smart driving essential from Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!