Rewards for Lenders

Vault APY, native lending yield, and BGT yield from staking vault shares in PoL reward vaults.

Bend offers additional yield on Berachain’s native stablecoin [$HONEY](/general/tokens/honey). Each [Vault](/bend/learn/vault) is managed by [Curators](/bend/learn/curator), who choose which [Markets](/bend/learn/market) supply$HONEY as a loan for specific collateral ($WETH,$WBERA, $WBTC, etc.).

Vault APY yields

A vault may offer one or both of:

1. Native APY — Yield from lending $HONEY in the vault’s markets.
2. **[BGT Yield](#bgt-yield)** — Yield from staking vault shares in an eligible [Proof-of-Liquidity Reward Vault](/general/proof-of-liquidity/reward-vaults) in the form of BGT.

See the Deposit & Withdraw Guide to deposit.

Native APY

Native APY comes from lending $HONEY to the collateral types the vault's Curator has enabled. APY depends on borrow rates and utilization—how much of the supplied$HONEY is borrowed.

Each vault shows its allocation and supply yield.

$BGT Yield

$BGT yield comes from [validators directing$BGT emission / block rewards](/general/proof-of-liquidity/block-rewards) to a Bend vault’s whitelisted Reward Vault. When you supply $HONEY to a vault, you receive receipt tokens (shares). Stake those receipt tokens in a whitelisted Reward Vault to become eligible for$BGT yield.

You must stake the receipt tokens and claim $BGT to receive$BGT yield.