Quotation

Displayed yields are estimates from real harvests. Frequent, efficient harvests and healthy market conditions raise realized returns; slippage, gas, and protection actions reduce them.

Formulations.

• Strategy APY. From APR r with n compounds/year: APY = (1 + r/n)^n − 1.

• Vault APY (first order). Weighted average of adapter APYs under current/dynamic weights.

• Second order. Rebalance costs, band uptime for CL-LP, delever events, and realized slippage.

• Looping carry. Leverage * r_supply − (Leverage − 1) * r_borrow + emissions − costs; guard rails reduce headline APR but protect principal.

• Accrual index. Harvest profit increases I, crediting every depositor’s ledgered balance via balance_u = principal_u * I / entryIndex_u.