Deciphr Academy
Track 4 · Module 21 · Lesson 7 of 7 · 8 min read

How do you compare crypto yield offers?

Short answer

Put every offer through the same questions: who pays the yield, what it is paid in, who holds your coins, how you get out, and what the worst case looks like.1,2,3 Then convert the rates to the same footing before comparing the numbers.4,5

Quellmarch2.25% a yearpaid by: Ethereumpaid in: ETHheld by: pool contractsWrenhallow60% a yearpaid by: new WRNHsupply: +80%held by: BrindlecoveGlimmerhay"guaranteed" 18%paid by: ?paid in: USDCheld by: GlimmerhaySame five questions for every offer
Fig. 7. Maya's comparison grid. Three made-up offers, one set of questions.

Five questions for any offer

Each question comes from the earlier lessons.1,2,3,6

  1. Who pays the yield? A network, borrowers, traders, or a project's new tokens. If nobody can say, ethereum.org's advice is to ask where the extra comes from.1
  2. What is it paid in, and is that supply growing? New tokens dilute holders, which Anza's documentation says a complete view of staking rewards should include.5
  3. Who holds the coins and the keys? If the withdrawal address is the provider's, ethereum.org says "you hold a promise, not a stake".2
  4. How do you get out, and how long can it take? Queues, unbonding periods and market discounts all apply.7,8,3
  5. What is the worst case? Slashing, smart contract bugs, a depeg, or a provider that freezes withdrawals.1,3,2

Put the numbers on the same footing

Rates are only comparable on the same terms. Convert each APR to an APY, so that compounding is counted the same way for every offer.4 Then check whether the reward token's supply is growing, using the real-yield check from Lesson 5.5

Working through the numbers

What Maya writes to the board

Our viewNothing here is advice to use any product, and every company in this case is made up. The method is the point: ask who pays, in what, who holds the coins, and how you get out, before you look at the rate.
Sources
  1. Liquid & pooled staking. ethereum.org (read 24 October 2026; page last updated 17 August 2026).
  2. Delegated staking (staking as a service). ethereum.org (read 24 October 2026; page last updated 17 August 2026).
  3. Public Risk Disclosure (PRD). Lido documentation (read 24 October 2026), last updated 20 February 2026.
  4. Regulation DD (Truth in Savings), 12 CFR part 1030: sections 1030.2 and 1030.3, and Appendix A. Electronic Code of Federal Regulations, US Government (read 24 October 2026, through the eCFR's own content service).
  5. Inflation Schedule. Anza (Agave validator client documentation for Solana) (read 24 October 2026).
  6. Look Out for High-Yield Investment Program Scams: Investor Alert. Investor.gov, US Securities and Exchange Commission's Office of Investor Education and Advocacy, 15 March 2023.
  7. Staking withdrawals. ethereum.org (read 24 October 2026; page last updated 17 August 2026).
  8. Restaking. ethereum.org (read 24 October 2026; page last updated 15 May 2026).
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General education built from the publicly available sources listed above. Not financial, legal, tax or investment advice. Naming a company, project or regulator is not an endorsement either way. Last checked 2026-10-24. Terms and disclaimer.