Visionary Style For years, DeFi competed on APY. Trong nhiều năm, DeFi cạnh tranh bằng APY. The future of DeFi will not be measured in APY. 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 FragilityEmission farms collapse. Correlated exposure amplifies downside. Manual rebalan...