Unpopular opinion from inside the tent: there's no free 18% APY. It's smart-contract risk, depeg risk, or you're the exit liquidity and don't know it. If you can't articulate where the yield comes from in one sentence, you ARE the yield. Flame away.
"If you can't name where the yield comes from, you are the yield" belongs on a poster. Doesn't make it less annoying to hear when I'm farming 18%.
This is just credit risk with a worse UI and no recovery process. A TradFi credit desk would price this in about four seconds.
Tokens, DeFi, and explaining to compliance why the wallet moved at 3am. Cycles optional, cope mandatory.
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