Why Capital Efficiency Is the Real Product in DeFi
How DeFi discovered that capital efficiency is the real productIncident date: Every week, for years Severity: High (silent value leakage) User-visible symptom: “My APY looked great, but my results didn’t.” DeFi spent a long time treating APY like the product. Protocols competed on yield. Users chased the highest number. Dashboards became scoreboards. Then the incident kept recurring:The highest APY was rarely the most efficient use of capital.This postmortem explains what actually broke, why ...
Why Capital Efficiency Is the Real Product in DeFi
How DeFi discovered that capital efficiency is the real productIncident date: Every week, for years Severity: High (silent value leakage) User-visible symptom: “My APY looked great, but my results didn’t.” DeFi spent a long time treating APY like the product. Protocols competed on yield. Users chased the highest number. Dashboards became scoreboards. Then the incident kept recurring:The highest APY was rarely the most efficient use of capital.This postmortem explains what actually broke, why ...
