Key points
- Ask where the yield comes from before looking at the percentage.
- Lockups and withdrawal queues can change liquidity.
- Custodial earn adds counterparty risk.
- Variable rewards should not be presented as guaranteed returns.
Classify the product first
Native staking, liquid staking and custodial earn can all be described with similar marketing language while using very different mechanics. Native staking is tied to a network's consensus rules; liquid staking adds a tokenized claim and smart-contract layer; custodial earn can involve lending or other activities controlled by an operator.
A comparison should identify the structure before comparing yield figures.
Read lockup, slashing and counterparty terms
Network staking can involve unbonding periods or slashing conditions. Liquid staking adds smart-contract and market-price risk for the receipt token. Custodial programs can add platform failure, withdrawal and lending risks.
The highest displayed rate is not automatically the best outcome when access to principal, fee deductions and risk sources differ.
Treat rates as time-sensitive evidence
Reward rates can change with network conditions, participation and operator policy. A static percentage should include a date and source, or it should not be presented as current.
Avoid language that frames variable crypto yield as a bank-like deposit return. Product mechanics and protections can be very different.
Primary reading
These official sources provide background for the risk and custody concepts used in this guide. Product-specific facts should still be checked against the relevant operator and jurisdiction.