In traditional banking, repeated deposit-and-lend cycles let a single dollar of reserves support multiple dollars of claims. Decentralized finance produces an analogous structure with tokens. Constructing a Token Graph of 10,200 tokens across 200 blockchains, this paper maps the resulting hierarchy and shows that, by late 2025, each dollar of base assets supports $4.7 of total claims. An embedded yield correction disentangles two channels that raw data conflates: a compositional channel, where lending protocols concentrate in deeper tiers and mechanically raise average yields; and a liquidity channel, where each derivation step reduces secondary-market depth and depresses yields in liquidity-sensitive pools. The liquidity channel concentrates in DEX pools and vanishes in lending pools. A yield decomposition shows that the tier gradient operates entirely through fundamental protocol yields, not incentive-token emissions; quantile regressions reveal that the structural associations concentrate in the upper tail of the yield distribution, with near-zero effects at the median. These findings reframe DeFi's "double counting" as a structural risk question and identify liquidity fragmentation as the primary mechanism associated with yield variation across the token hierarchy.

翻译：在传统银行业中，重复的存贷循环使得每一美元准备金能够支撑多份债权。去中心化金融通过代币构建了类似结构。本文构建了涵盖200条区块链上10200种代币的代币图谱，绘制了由此产生的层级体系，并表明到2025年底，每单位基础资产支持4.7单位总债权。通过嵌入收益率修正机制，本文厘清了原始数据混淆的两个渠道：一是结构渠道——借贷协议集中分布于更深层级并机械性地推高平均收益率；二是流动性渠道——每一衍生步骤会降低二级市场深度并压低流动性敏感型资金池的收益率。流动性渠道集中于去中心化交易所（DEX）资金池，在借贷资金池中则消失。收益率分解表明，层级梯度完全通过基础协议收益率发挥作用，而非激励代币发行；分位数回归揭示，结构性关联集中在收益率分布的上尾部分，在中位数处效应近乎为零。这些发现将去中心化金融的“重复计数”重新界定为结构性风险问题，并识别出流动性碎片化是代币层级间收益率差异的主要机制。