Take the APY off a yield product's homepage for a moment. Would there still be enough information to understand how it makes money? That's a much better test than comparing percentages all day. With @grvt_io's High Yield Earn, the target is up to 11% APY but the more useful part is what's happening underneath. Some of the income comes from financing real-world invoices and tokenized fixed-income assets. Another part comes from crypto credit and market-neutral liquidity strategies. These are four different ways of generating returns, and Grvt limits each strategy to no more than one-third of the vault. That matters because putting everything into a single source of yield would leave the entire portfolio exposed to whatever happens in that market. Still, spreading money across different strategies doesn't make losses impossible. Businesses can delay payments, borrowers can run into trouble, and market-neutral positions aren't immune to losses either. The question is how this mix performs over time, especially when conditions become less favorable. A good month is easy to advertise. Consistent performance and clear reporting over several months would tell me a lot more. That's the part of High Yield Earn I'll be keeping an eye on. The 11% remains a target, not a promise. DYOR. Not financial advice. #Grvt #HighYieldEarn #DeFi #RWA