Assets like stocks generate meaningful income beyond dividends and price appreciation, but most investors don’t see the full upside. They suffer from “yield leakage” - the hidden income their assets generate, but isn’t fully realized.
In traditional finance, yield leakage is

Not trying to minimize the exploitation of creators in any way, but this is also not true
tradfi intermediaries extract more value from typical retail clients (in banks, brokerages, money market accounts) than the entire creator economy as a whole
Here’s one example

Jon Schwartz | GLIF

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股票等资产除了股息和价格上涨之外，还能产生可观的收入，但大多数投资者并未看到全部的收益潜力。他们遭受「收益流失」的困扰——即资产产生的隐性收益未能被充分实现。

在传统金融领域，收益流失是指

过去半年，我从一个 Web3 的旁观者，走进了支付行业内部。而现在，我选择停下来，不再继续做 Web3 支付。
这并不是一次失败后的撤退，而是在真正下场之后，做出的判断调整。这半年里，我去过义乌、水贝、莆田，也去过墨西哥，看那些报告里最热闹的地方，支付到底是怎么被做出来的。我也下了场，搭过 Web3 支付的 MVP，接过账户，做过Web3收款工具，试着把想象中的路径，从第一步跑到最后一步。
但越往...

创业者自述：从开始到放弃，我为什么不做Web3支付了

要点：

Trust Wallet 的 Chrome 扩充功能于 2025 年 12 月 26 日遭到攻击，导致用户损失 700 万美元。

此次事件仅影响浏览器扩充功能。

ZachXBT 也指出…

Trust Wallet钱包被偷：700万美元被盗，骗子被ZachXBT曝光

Cardano价格持续深陷熊市，延续了自去年 12 月触及 1.3245 美元高点以来的抛售行情。目前其交易价格为 0.3565 美元，较 12 月高点下跌约 73%，且…

午夜代币发行后， Cardano价格预计将飙升 40%，关键 DeFi 指标大幅上涨。

Vanguard reports their average income per dollar on loaned securities to be in the 4% per year range (even on large-cap securities), which is pretty nuts https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/value-securities-lending-three-charts.html…
*Vanguard does pay 100% of stock lending revenue back into their ETFs like VOO. This is good for investors. But this level of transparency and flow-through isn't the norm.
3/4

Vanguard 报告称，其证券借贷的平均年收益率约为 4%（即使是大型股），这简直令人难以置信 https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/value-securities-lending-three-charts.html…

*Vanguard 会将股票借贷收入的 100% 返还到其 ETF（例如 VOO）。这对投资者来说是好事。但这种透明度和收益回流并非行业惯例。

3/4

In some cases, paying fees to intermediaries makes sense, especially for investors that wish to be more passive, and in highly regulated markets.
But it goes to show that disintermediation through smart contracts can and will significantly reduce this burden. Ultimately this benefits the average investor, who will capture these on-chain efficiency gains in higher yield. It's a multi-trillion dollar opportunity
/fin

在某些情况下，向中介机构支付费用是合理的，尤其对于希望采取更被动投资策略的投资者以及在严格监管的市场中而言。

但这表明，透过智能合约实现去中介化可以而且将会显著降低这种负担。最终，这将使普通投资者受益，他们将从链上效率的提升中获得更高的收益。这是一个价值数万亿美元的机会。

/fin