AnalysisAdvanced10 min

How to Analyze a Pool

Core question

How do you systematically read a single pool, instead of just looking at the APY?

This lesson walks you through ten steps to assess a real pool from the report — from yield through the risk factors to data completeness. Pick an example below.

How this market is built

MarketUSDSAssetUSDSProtocolSparkLendChainEthereumTVL$563.62MAPY5.04%ExposureSingle assetData flags2 flags

Market: USDS

Class
Lend & Borrow
Stablecoin market
Yes

A single pool: one asset, at one protocol, on one chain. Everything below belongs to exactly this market.

Source: DeFiLlama, as of Oct 5, 2026, 4:30 PM UTC.

Step 1 of 10

1. Yield

5.04%

Quick check

What does step 10 (“Data completeness”) of the analysis show?