The Hidden Layer Behind DeFi Yields
In decentralized finance, yield is the most visible feature. Platforms highlight APY on dashboards, and users often compare protocols based on which one offers the highest return. At first glance, this seems logical. If two opportunities exist, choosing the one with the higher yield appears to be the better decision. But in reality, yield is only the visible layer of a much deeper system. Behind every APY lies a combination of strategies, risks, and capital allocation decisions that determine...
The Hidden Layer Behind DeFi Yields
In decentralized finance, yield is the most visible feature. Platforms highlight APY on dashboards, and users often compare protocols based on which one offers the highest return. At first glance, this seems logical. If two opportunities exist, choosing the one with the higher yield appears to be the better decision. But in reality, yield is only the visible layer of a much deeper system. Behind every APY lies a combination of strategies, risks, and capital allocation decisions that determine...
