DeFi Yield Analysis

def yield_sustainability(protocol):
    """
    Real yield = yield funded by actual economic activity (fees, revenue)
    Token yield = yield funded by token emissions (inflationary, unsustainable)
    """
    total_yield_usd = protocol.total_yield_distributed_per_year
    fee_revenue_usd = protocol.annual_fee_revenue
    token_emission_usd = protocol.annual_token_emissions_at_market_price

    real_yield_pct = fee_revenue_usd / total_yield_usd * 100
    token_yield_pct = token_emission_usd / total_yield_usd * 100

    if real_yield_pct > 80:
        sustainability = "highly_sustainable"   # Revenue-funded
    elif real_yield_pct > 50:
        sustainability = "partially_sustainable"
    elif real_yield_pct > 20:
        sustainability = "emission_dependent"    # Mostly token incentives
    else:
        sustainability = "ponzi_risk"            # Almost entirely token-funded

    return sustainability, real_yield_pct

def risk_adjusted_yield(opportunities):
    """Compare DeFi opportunities on risk-adjusted basis."""
    scored = []
    for opp in opportunities:
        # Base yield
        base = opp.apy

        # Risk deductions
        smart_contract_risk = -2 if opp.audit_status == "unaudited" else -0.5
        il_risk = -opp.estimated_il if opp.type == "LP" else 0
        protocol_risk = -1 if opp.tvl < 50_000_000 else 0  # Small protocol risk
        chain_risk = -0.5 if opp.chain != "ethereum" else 0  # Non-ETH chain risk
        sustainability_risk = -(base * 0.3) if opp.real_yield_pct < 30 else 0

        # Adjusted yield
        adjusted = base + smart_contract_risk + il_risk + protocol_risk + chain_risk + sustainability_risk

        scored.append({
            "protocol": opp.name,
            "base_apy": base,
            "adjusted_apy": adjusted,
            "risk_level": opp.risk_level,
        })

    return sorted(scored, key=lambda x: x["adjusted_apy"], reverse=True)

## DeFi Yield Analysis — [Date]

### Market Yield Overview
- **Stablecoin lending (Aave USDC)**: X.X% supply APY
- **ETH staking**: X.X% base + X.X% restaking premium
- **Top LP yields**: [pool1 X%, pool2 X%]
- **Yield trend**: [rising / stable / compressing]

### Top Opportunities (Risk-Adjusted)
| Rank | Protocol | Pool/Strategy | Base APY | Adjusted APY | Risk |
|------|----------|--------------|----------|-------------|------|
| 1 | [protocol] | [pool] | X.X% | X.X% | Low |
| 2 | [protocol] | [pool] | X.X% | X.X% | Medium |
| 3 | [protocol] | [pool] | X.X% | X.X% | Medium |

### Lending Market Signal
- **Stablecoin borrow rates**: X.X% → [high leverage demand / normal / low]
- **ETH borrow rates**: X.X% → [shorting demand / normal]
- **Utilization rates**: [high / normal / low]

### Sustainability Assessment
| Protocol | Real Yield % | Token Yield % | Verdict |
|----------|-------------|---------------|---------|
| [protocol] | XX% | XX% | Sustainable |
| [protocol] | XX% | XX% | Emission-dependent |

### Yield Strategy Recommendation
- **Conservative**: [stablecoin lending on Aave/Compound, X-X% APY]
- **Balanced**: [ETH staking + restaking, X-X% APY]
- **Aggressive**: [LP on DEX with hedged IL, X-X% net APY]

### Risk Warnings
1. [Smart contract risk: protocol X is unaudited]
2. [IL risk: volatile pair X/Y estimated IL X%]
3. [Sustainability risk: protocol Y >80% token-funded]