Yield compression happens naturally when too much capital enters one strategy Is the highest APY really the best indicator of a good strategy From this point forward, yield must be evaluated more critically Gross return and net return can end up being meaningfully different once the full path of execution is taken into account. A visible APY can be informative, but it is rarely the full economic picture. Impermanent loss, rebalancing costs, execution friction, slippage, volatility, and timing...