Academic Style For years, DeFi competed on APY. But mature capital cares about risk-adjusted yield and capital efficiency. APY, as commonly presented, represents gross nominal yield rather than risk-adjusted return. 1⃣ The IllusionHigher APY appears superior. Capital flows to the biggest number. But the highest APY is often the least sustainable. 2⃣ What APY Doesn't ShowImpermanent loss, slippage, gas drag, liquidity thinning, incentive decay, volatility clustering. 3⃣ Structural FragilityEmi...