11% target yield sounds nice. But where does it actually come from? 🤔 With @grvt_io upgrading Grvt Earn in November, I took a closer look at its existing RWA strategies. 2 bundles worth looking at: → Balanced Bundle (~4.5% target APY): Primarily invested in BlackRock's AAA-rated CLO ETF, focusing on higher-quality credit exposure. → Opportunistic Bundle (~11% target APY): Primarily through BlackOpal LiquidStone II, offering exposure to Brazilian credit card receivables with FX hedging. Both offer #RWA yield, but with quite different risk profiles. The 4.5% strategy leans toward stability, while the 11% comes with higher credit risk. That's also why APY alone shouldn't be the deciding factor when evaluating a vault. With the upcoming Grvt Earn upgrade, the platform aims to expand access to fixed-income strategies, where yields come from interest, premiums, and invoices rather than relying solely on token incentives. Personally, I find this direction pretty interesting. But after launch, we'll still need to look closely at the underlying assets, redemption terms, and whether those yields can hold up as more capital flows in.