What is the difference between base APY and reward APY on a tokenized stock?

Base APY is interest paid by borrowers and survives when an incentive programme ends. Reward APY is token incentives, which stop when the budget does. On tokenized stock markets base APY is close to zero almost everywhere.

Why do some vaults pay much more on a tokenized stock?

The highest rates usually come from vaults that deposit your stock, borrow a stablecoin against it and loop. That multiplies an incentive programme and adds a liquidation price an ordinary share has never had.

Earning on tokenized stocks: six things to know before you deposit

23 Oct 2026 · StockAPY

Why base APY is the only yield that is really yours, why the biggest rates usually carry borrowed risk, and how to read a rate that does not say where it comes from.

The live rates are on the Earn page. This is what to read before acting on any of them.

Base is the only yield that is really yours

Base APY is interest that borrowers pay. It is the part that survives when an incentive programme ends. On tokenized stock markets it is currently close to zero almost everywhere, because very few people want to borrow against a tokenized share.

A big number usually means borrowed risk

The highest rates usually come from vaults that can deposit your stock, borrow a stablecoin against it and loop. Where they do, that multiplies an incentive programme — and adds a liquidation price an ordinary share has never had. Check each vault's allocation: some hold the stock and nothing else.

Borrowing is the bigger opportunity

Lending a tokenized stock out pays almost nothing, but posting it as collateral and borrowing against it is what most of these venues are built for. See the borrow comparison for max LTV and the cost of each loan.

Incentives stop, and we keep the receipts

When a programme ends we do not delete the row. It stays with its last known rate, marked Ended, and it is excluded from every headline figure on StockAPY. Crypto.com paid 2% to 4% on its tokenized stocks and then stopped: the clearest evidence there is that an incentive is not a yield.

A rate with no stated source is not interest

Centralised platforms publish a flat number without saying whether it is interest, a marketing budget or revenue share. We show the rate and leave the split blank rather than guessing, and those venues are excluded from the share-of-real-interest figure.

Collateral is not earning

Several venues accept tokenized stocks but never lend them out. Your position unlocks borrowing power and nothing else. Those rows say 0% because 0% is the truth, not because the data is missing.

Questions

What is the difference between base APY and reward APY on a tokenized stock?: Base APY is interest paid by borrowers and survives when an incentive programme ends. Reward APY is token incentives, which stop when the budget does. On tokenized stock markets base APY is close to zero almost everywhere.
Why do some vaults pay much more on a tokenized stock?: The highest rates usually come from vaults that deposit your stock, borrow a stablecoin against it and loop. That multiplies an incentive programme and adds a liquidation price an ordinary share has never had.