Definition ∞ A yield exchange is a platform or protocol within decentralized finance that facilitates the trading or exchange of future yield generated from digital assets. Participants can tokenize anticipated returns from staking, lending, or liquidity provision, and then trade these tokenized yields. This allows for immediate liquidity for future earnings and enables new financial strategies. It creates a market for future income streams.
Context ∞ The emergence of yield exchanges is a significant development in decentralized finance, often featured in crypto news for its potential to unlock new forms of capital efficiency. These platforms allow participants to hedge against yield volatility or gain exposure to future earnings without holding the underlying asset. The innovation represents a maturation of financial engineering within the digital asset ecosystem.
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