# Yield.ly glossary (machine-readable index)

| Term | Definition | URL |
|------|------------|-----|
| APY | Annual Percentage Yield expresses how much an opportunity would earn over one year if the current rate continued and compounded. | https://yield.ly/glossary/apy |
| Base APY | Base APY is the portion of yield from the core market mechanism, such as lending interest or staking rewards, before token incentives. | https://yield.ly/glossary/base-apy |
| Reward APY | Reward APY is the extra yield from token incentives, points, or emissions on top of base market yield. | https://yield.ly/glossary/reward-apy |
| TVL | Total Value Locked is the dollar value of assets deposited in a market, pool, or vault at the latest observation. | https://yield.ly/glossary/tvl |
| Liquid staking | Liquid staking lets you hold a receipt token representing a staked position that can move in DeFi while earning staking yield. | https://yield.ly/glossary/liquid-staking |
| Native staking | Native staking locks or delegates assets directly to validators or the chain staking system to earn network rewards. | https://yield.ly/glossary/native-staking |
| Lending | Lending markets pay yield when borrowers pay interest to use deposited assets as liquidity. | https://yield.ly/glossary/lending |
| Vault | A vault aggregates deposits into an automated strategy that routes assets across underlying markets. | https://yield.ly/glossary/vault |
| Liquidity pool | Liquidity pools hold paired assets so traders can swap. LPs earn fees and sometimes incentives. | https://yield.ly/glossary/liquidity-pool |
| Impermanent loss | Impermanent loss is the difference in value between holding pool tokens versus holding the underlying assets separately as prices move. | https://yield.ly/glossary/impermanent-loss |
| Oracle | Oracles feed external prices or data to smart contracts. Many DeFi markets depend on them for liquidations and accounting. | https://yield.ly/glossary/oracle |
| Smart-contract risk | Smart-contract risk is the chance that code bugs, economic design flaws, or upgrades cause loss or frozen funds. | https://yield.ly/glossary/smart-contract-risk |
| Governance risk | Governance risk comes from token-holder or admin control over protocol parameters, fees, or upgrades. | https://yield.ly/glossary/governance-risk |
| Upgradeability | Upgradeable contracts can change logic after deployment through proxies or admin keys. | https://yield.ly/glossary/upgradeability |
| Lockup | A lockup period restricts when deposited assets can be withdrawn without penalty or delay. | https://yield.ly/glossary/lockup |
| Withdrawal queue | A withdrawal queue orders exit requests when instant liquidity is not available, common in staking and some vaults. | https://yield.ly/glossary/withdrawal-queue |
| Yield farming | Yield farming actively pursues token incentives across protocols, often with frequent rotation. | https://yield.ly/glossary/yield-farming |
| Depeg | A depeg is when a priced asset, often a stablecoin or liquid staking token, trades away from its intended reference value. | https://yield.ly/glossary/depeg |
| Wrapped asset | A wrapped asset is a token on one chain that represents an asset from another chain or custody model. | https://yield.ly/glossary/wrapped-asset |
| Bridge risk | Bridge risk is loss or delay from moving assets between chains through bridges or custodial issuers. | https://yield.ly/glossary/bridge-risk |
| Data confidence | Data confidence reflects how complete, fresh, and consistent the underlying observations are. | https://yield.ly/glossary/data-confidence |
| Observed risk | Observed risk is Yield.ly's evidence-based summary of measurable factors. It is not a safety rating or guarantee. | https://yield.ly/glossary/observed-risk |

Full glossary UI: https://yield.ly/glossary