Why Capital Efficiency Is the Real Product in DeFiI spent six months last year rotating between yield farms, constantly moving funds to capture the highest APYs. Despite the exhausting effort, my portfolio barely broke even. This experience shattered my core assumption: DeFi is about APY, protocols compete on yield, and users chase the highest number. The breakthrough realization: the highest APY is rarely the most efficient use of capital, and understanding this changes everything about DeFi...
