What is happening here?

Each market is assigned to a class via DeFiLlama's protocol category: Tokenized RWA (incl. private credit and unsecured lending), Lend & Borrow (money markets like Aave, Morpho, Compound), Liquidity Pools (DEX and perp liquidity), Liquid Staking (incl. restaking), Vaults & Savings (savings rates, yield aggregators, basis trading, curated vaults). RWA is further split into segments — Treasuries & Money Market, Private Credit & CLO, Reinsurance, Real Estate, Equities & ETFs, Commodities; issuers with a mixed offering fall under “Platforms & Structured Products”. Tokenized assets without an ongoing yield (e.g. tokenized equities or gold) appear with TVL or market cap, but without APY.

APY is the annualized yield projected from the current rate, made up of Base APY (interest, fees, fund income) and Reward APY (incentive tokens). Avg 30D is the 30-day mean, Δ 7D/Δ 30D the change in APY in percentage points. For lend-and-borrow markets, “Supply” shows the total capital deposited, “Borrowed” the capital lent out, Utilization their ratio, and Max LTV the maximum loan-to-value ratio. A group's TVL-weighted APY weights each market by its capital (by supply, for lending). What TVL denotes for a lending market depends on the protocol: for some it is the total supply, for others the supply minus borrows. This page therefore computes withdrawable liquidity itself, from supply and borrows. Metric catalog

The flag points are the sum of the triggered data flags across seven publicly measurable fields: pool size, chain from the stored list, asset and impermanent-loss exposure, share of reward tokens in the yield, protocol from the stored list, statistical outlier flag and completeness of the data. The full methodology is documented on the methodology page. Not assessed: smart contracts, oracles, governance, bridges, counterparty, custody and regulation. Full methodology

Yield, TVL, and lending data comes from the open DeFiLlama API (yields.llama.fi, api.llama.fi). It is cached and refreshed on the next page request once fifteen minutes have passed; there is no fixed refresh interval. If the API is unreachable, the Explorer shows the last successfully retrieved snapshot and flags this in the status bar. The detail view loads a market's APY and TVL history from DeFiLlama when it opens. Until the history arrives, or if it can't be retrieved, the view shows an approximation built from four data points (today, 1, 7 and 30 days ago), labeled as an approximation. For the largest Morpho and Aave lend-and-borrow markets, the DeFiLlama figure is additionally cross-checked against the protocol's own public API; a larger deviation is flagged with a marker in the table. Glossary

Along the same twelve dimensions, in the same order — from market and business model through liquidity and dependencies to institutional impact. Each dimension also names what it does not establish. Analysis framework