Sorry if this was explained somewhere else. I have searched the forum and internet, and couldn’t find a clear answer.
The question : is this 800M$ TVL generating any revenue for YFI ecosystem? If yes, how much is that?
Why am I asking the question?
From what I understand so far, most of fees (if not all) are generated by yVault,which is 20% of total TVL. For example, the 0.5% exit fee and 5% gas fee subsidize. While we calculate the valuation of YFI token, we use ratios like TVL/Market Cap. If 80% of the TVL is not generating revenue, the above mentioned valuation formula is misleading. Then We should use yVault TVL as the "meaningful“ TVL (which is 200M) , rather than the total TVL (which is 1B).
200M vs 1B is a big difference - would like to clarity.