In the early days of decentralized finance, the race was simple: maximize APY. Protocol dashboards highlighted double-digit yields, and users chased the loudest number. Yet, in mature financial systems, yield is a means to an end, not the end itself. The real product is capital efficiency—the art and science of deploying capital so it keeps working, with minimal idle funds, controlled risk, and durable value over time. In DeFi, that shift is already underway, and it’s redefining what “success...