permissionless yield protocol
Permissionless Yield Protocols 2026: Technical Architecture Deep-Dive
While Circle earned 95-99% of its revenue from USDC reserve interest in 2022-2024, standard USDC holders received zero yield. This asymmetry reveals the core innovation of permissionless yield protocols: they democratize access to interest-bearing assets by removing intermediaries and custodial gatekeepers through cryptographic mechanisms and smart contract