
Yearn Finance is the OG DeFi yield aggregator. Users deposit tokens into Yearn Vaults, which automatically deploy capital across lending protocols, LPs, and farming strategies to maximise yield. Yearn V3 introduced modular vaults with pluggable strategies. The protocol was founded by Andre Cronje and represents DeFi's 'set and forget' yield approach.
Pendle is a yield-trading protocol that tokenises future yield by splitting yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT). This allows users to lock in fixed yields, trade yield exposure, or speculate on future rates. Pendle has found product-market fit with liquid staking tokens and restaking points trading.
Convex Finance maximises Curve LP yields by aggregating veCRV voting power. Depositors earn boosted CRV rewards without locking CRV themselves. Convex controls a significant portion of veCRV supply, making CVX voting power highly valuable in the 'CRV wars'. vlCVX (vote-locked CVX) directs Curve gauge weights.