In early DeFi, APY was revolutionary. It was transparent. It was onchain. It was measurable in real time. But over time, APY stopped being a signal — and became a trap. Because when every protocol competes on one visible number, the system begins to optimize for the number… not for capital durability. And that’s where things break.APY Is an Output, Not a Risk ModelAPY tells you the projected annualized return based on current conditions. It does not tell you:How that yield is generatedHow sta...