In DeFi, yield feels immediate. It is shown as a clean APY, updated in real time, and presented as something almost effortless to capture. You deposit assets, see a number grow, and assume you are participating in a straightforward income stream. But that simplicity is mostly a user interface decision, not a reflection of how the system actually works.Yield as a Compressed System OutputAPY is not a mechanism—it is a compressed output of many moving parts. Liquidity depth, trading activity, in...