Suyay
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The obsession with yield is rendering many protocols obsolete
How the ongoing search for APY is eroding the systemic stability of DeFi and why the market is starting to penalize it.
For years, yield was the common language of DeFi.
Higher APY, faster growth, more aggressive incentives. Success was measured in ascending numbers and compelling graphs.
But something changed.
Today, protocols do not collapse due to a lack of users, but due to an excess of synchronized behavior. They do not fail because no one wants to participate, but because everyone wants to optimize at the same time.
For years, yield was the common language of DeFi.
Higher APY, faster growth, more aggressive incentives. Success was measured in ascending numbers and compelling graphs.
But something changed.
Today, protocols do not collapse due to a lack of users, but due to an excess of synchronized behavior. They do not fail because no one wants to participate, but because everyone wants to optimize at the same time.
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