Research corpus MarketsBLC-STUDY-0181

The Yield Protocol: On-Chain Lending With Interest Rate Discovery

Yield Space is an invariant between a target asset and a zero-coupon token. The price of the zero-coupon token implies a rate, and the curve is built so that rate behaves like a rate rather than like a spot commodity.

Official external source only
Design paper
Official source

Compare

Record

Authors: Allan Niemerg, Dan Robinson and Lev Livnev
Date: 2020
Publisher: Allan Niemerg, Dan Robinson and Lev Livnev
Version: Source cited by the 2020 study. The study is the reading. This page does not add a second essay.
Document ID: BLC-STUDY-0181
DOI: None recorded
Last reviewed: 1 October 2026
Licence: No licence recorded. Rights status under review.

No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.

Direct answer

Where to read

Official source — Yield protocol paper
Blockchain Lab study, the canonical readingOriginal commentary. Not a transcription of the paper.

Metadata and commentary only. The reading is the study page.

Full text

Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.

What changed

A reading of the public document. Not a copy of it, and not a claim about a later network that reused the name.

Relationships

Canonical readingYield Space study
Related paperCompound
Related paperUniswap

Cite this record

These citations point at the source document. They are not a licence to copy it.

Author–date

Niemerg, A., Robinson, D., & Livnev, L. (2020). The Yield Protocol: On-Chain Lending With Interest Rate Discovery. Allan Niemerg, Dan Robinson and Lev Livnev. https://yield.is/YieldSpace.pdf

BibTeX

@techreport{yieldspace2020,
  title = {The Yield Protocol: On-Chain Lending With Interest Rate Discovery},
  author = {Allan Niemerg, Dan Robinson and Lev Livnev},
  year = {2020},
  institution = {Allan Niemerg, Dan Robinson and Lev Livnev},
  url = {https://yield.is/YieldSpace.pdf},
  note = {Rights status: Official external source only. Blockchain Lab record: https://blockchainlab.com/research/corpus/papers/yield-space}
}

RIS

TY  - RPRT
TI  - The Yield Protocol: On-Chain Lending With Interest Rate Discovery
AU  - Allan Niemerg
AU  - Dan Robinson
AU  - Lev Livnev
PY  - 2020
PB  - Allan Niemerg, Dan Robinson and Lev Livnev
UR  - https://yield.is/YieldSpace.pdf
N1  - Rights status: Official external source only
ER  -

CSL-JSON

[
  {
    "type": "report",
    "id": "BLC-STUDY-0181",
    "title": "The Yield Protocol: On-Chain Lending With Interest Rate Discovery",
    "author": [
      {
        "literal": "Allan Niemerg"
      },
      {
        "literal": "Dan Robinson"
      },
      {
        "literal": "Lev Livnev"
      }
    ],
    "issued": {
      "date-parts": [
        [
          2020
        ]
      ]
    },
    "publisher": "Allan Niemerg, Dan Robinson and Lev Livnev",
    "URL": "https://yield.is/YieldSpace.pdf",
    "note": "Rights status: Official external source only. Not a licence to republish the paper."
  }
]

JSON BibTeX file RIS file CSL-JSON

Rights record

Source status: Official source
Use status: Metadata and commentary only. The reading is the study page.
Rights: Official external source only
Training and retrieval: Not permitted from this site. There is no rights-cleared full text to retrieve or to train on.

Rights and licensing Corrections