What Is the Concept of ‘Real Yield’ and How Can a Treasury Generate It?

'Real yield' is the yield generated from actual protocol revenue (fees, interest, etc.) that is paid to token holders in a non-native asset (like ETH or stablecoins), rather than being paid through inflationary token emissions. A treasury generates real yield by providing services that earn fees (e.g. lending, swapping) and then collecting those fees in diversified assets.