APYs spike fast and create strong incentives for early capital inflows Understanding market structure helps identify sustainable opportunities in DeFi What drives the constant rotation of capital across DeFi opportunities A strategy can look strong on the dashboard and still feel disappointing in practice. The return on screen may be real, but it is rarely complete. Once you include impermanent loss, gas, slippage, strategy maintenance, and volatility, the APY can compress quickly. The source...
