Real Yield
A return measured after subtracting the effect of newly created supply, or a return paid out of fees rather than out of newly minted tokens.
The term is used in two related ways. First, as arithmetic: nominal staking yield minus the token's supply growth rate, which shows whether a staker's share of total supply is actually rising. Second, as a description of funding source: rewards paid from fees collected in an external asset, rather than by minting the protocol's own token to pay its own holders. The distinction matters because a reward funded by issuance partly pays a holder with their own dilution, whereas a cash dividend in equity markets cannot dilute the recipient. Fee-funded rewards have their own limitation: they rise and fall with usage and can go to nearly zero in quiet periods.
Na prática
A staker earning rewards at the same rate as supply is growing keeps a constant share of supply, which is what the inflation-adjusted version of the calculation shows.
O equívoco comum
Real yield here usually means adjusted for the asset's own supply growth, not adjusted for consumer prices as the phrase means in economics.
O valor ao qual isso corresponde
The staking rate after subtracting the dilution caused by new tokens issued to the whole supply.
Limites: The result depends entirely on which supply-growth figure is used: gross issuance and issuance net of a fee burn can differ enough to flip the sign, and on Ethereum the EIP-1559 base-fee burn can exceed issuance during sustained congestion, making net supply growth negative and the real yield…