Bedrock’s APY Display Doesn’t Separate Guaranteed Yield From Probabilistic Yield
I caught this distinction while comparing protocols last Thursday. $BR Bedrock’s displayed yield figures blend base ETH and BTC staking returns, which are relatively predictable, with AVS rewards and DePIN distributions that are genuinely probabilistic and variable depending on AVS performance, participation rates, and external token prices. Those two yield categories carry fundamentally different risk profiles but sit inside a single advertised number that treats them as equally reliable income streams. A depositor making sizing decisions based on that blended figure is implicitly assuming probability weighted returns are as dependable as base staking returns. They aren’t.
The practical damage happens during AVS underperformance quarters or DePIN reward compression periods when realised yield drops below the displayed figure without any prior warning mechanism in the interface. Depositors discover the gap at claim time rather than at deposit time, which is exactly backwards from responsible yield disclosure. And the variance in that probabilistic yield component can be significant enough to change whether a position is actually worth holding against simpler lower risk alternatives available elsewhere.
Blended yield numbers without variance disclosure are just optimistic marketing dressed as data.
