What this is
Yield reaches you in one of two ways. Share appreciation (e.g. sUSDe, sUSDS): your token count never changes, but each share is redeemable for more of the underlying over time — the technical pattern behind this is usually an ERC-4626 vault. Balance growth, also called rebasing (e.g. rUSDY): the price stays pinned at $1 and your token balance grows instead.
What it means for your yield
The distinction decides how to read the price. A share-appreciation token trading above $1 is not expensive and not depegged — that is the accrued yield. Judging such a token by its distance from $1 produces false alarms; what matters is the share price versus the vault’s net asset value.
Where it appears on Pennyworth
Each detail page states the distribution method in the identity ledger. Share-appreciation products carry an explanatory note there, and Pennyworth never applies $1-anchor depeg judgment to them.