Grvt has rolled out its High Yield Earn vault targeting up to 11% APY, ditching inflationary token incentives for real economic cash flows. The strategy allocates across four uncorrelated sleeves, including merchant payment receivables, invoice financing, institutional on-chain credit, and delta-neutral perp market making. Yield accrues daily into the gHYLD vault token, with balances soon eligible to serve as trading margin. 📊 Transparency remains critical. That 11% figure is a target, not a fixed payout. Actual sustainability depends on managing credit defaults, smart contract exposure, and T+5 redemption liquidity. Evaluating the underlying mechanics matters far more than just chasing headline numbers. 🔍