In the early days of decentralized finance, the rule seemed simple: the higher the APY, the better the opportunity. Investors searched for the largest yield numbers, while protocols competed to attract liquidity with increasingly attractive returns. This approach helped DeFi grow quickly. High APYs brought attention, capital, and rapid experimentation across the ecosystem. But as the market evolves, investors are beginning to understand something important: not all yield is equal. Two strateg...
