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In reality, In practice, 1⃣ start with the current defi experience. In practice, open with what most users experience today.. Most people underestimate why why should someone use a concrete vault instead of managing everything manually?. In practice, move liquidity between protocols. This connects directly to how move liquidity between protocols. This connects directly to how rebalance positions. claim and compound rewards This connects directly to how break it down simply.. Most people under...

DeFi Doesn’t Remove Trust — It Engineers It In practice, defi doesn’t remove trust — it engineers it. This connects directly to how defi doesn’t remove trust — it engineers it. Most people underestimate why defi doesn’t remove trust — it engineers it. This connects directly to how don’t trust people. trust code.. Don’t trust people. Trust code. If you look closer, smart contracts This connects directly to how bridges. In practice, oracles. This connects directly to how oracles. timelocks Most...

Every cycle in DeFi looks similar if you zoom out. New strategies launch constantly. Yields spike, capital flows in, and then everything fades. This repeating cycle reveals a deeper truth: most opportunities are temporary. A sustainable strategy focuses on consistency rather than peak performance. Real yield comes from trading, lending, and market activity. Temporary yield often comes from incentives that decline over time. Liquidity, volatility, and demand all affect whether a strategy can s...

Most users see APY before they understand the system behind it. The IllusionHigh APYs and simple flows create the perception that yield is easy. But behind every number is a complex system. The GapDisplayed yield often ignores costs such as gas, slippage, and volatility. What looks like 20% can shrink significantly in practice. Where Yield Comes FromYield is generated through trading fees, lending, arbitrage, and incentives. Some sources are sustainable, others are temporary. Hidden Value Tra...

1⃣ 用户视角用户将资金存入 vault 并获得份额。 eRate 和 NAV 初看可能较难理解。 2⃣ 份额与 eRate份额代表所有权，eRate 表示每份价值。 随着收益增长，份额价值上升。 3⃣ NAVNAV 是 vault 的总价值。 NAV 增长意味着每份价值提升。 4⃣ 时间的重要性收益需要时间积累，复利会放大增长。 5⃣ 主动管理Vault 会自动分配资金并调整策略。 6⃣ 结果用户获得自动复利与优化配置。 7⃣ 模型总结Vault = 资金池 Shares = 所有权 eRate = 价值 NAV = 总值 Explore Concrete at https://app.concrete.xyz/

The Fragmentation ProblemThe DeFi ecosystem has expanded rapidly with hundreds of protocols and multiple chains. Users constantly search for better opportunities just to keep capital productive. The Operational BurdenManaging DeFi strategies requires moving liquidity, claiming rewards, and monitoring yields across many platforms while paying gas fees. Idle Capital and Opportunity CostBecause strategies are complex to manage, capital often sits idle or remains locked in outdated opportunities....

Academic Analysis For most of DeFi's history, yield has been evaluated primarily through APY. Yet sophisticated investors rarely judge opportunities using headline yield alone. 1⃣ The Problem With Yield Comparisons In many DeFi dashboards, yield is presented as a simple comparison between opportunities. Users scan platforms looking for the highest APY and quickly move liquidity toward the top of the chart. However, two strategies displaying the same APY may carry dramatically different levels...

Technical Deep Dive Style For years, DeFi competed on APY. But mature capital cares about risk-adjusted yield and capital efficiency. APY abstracts away volatility regimes and execution drag. 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. Co...

Most DeFi users aren’t investors—they’re unpaid operators. What’s broken or missing todayHidden risk inside permissions, integrations, and governance.- Systems optimized for speculation, not longevity.- Manual work everywhere: claim, swap, rebalance, migrate.- APY chasing instead of compounding.What onchain finance could becomeThe next era looks like finance where users allocate capital instead of managing strategies—and also finance that looks like infrastructure—reliable, standardized, comp...