Lessons from Luna That Changed My DeFi Perspective

I made a mistake with $LUNA back when it was booming. I saw the returns from Anchor Protocol and my eyes lit up. Everyone in the industry seemed to be getting in, so I went all-in with everything I had, thinking 'it'll be fine.' In the end, as we all know, Luna collapsed, and my portfolio suffered heavy losses. The clearest lesson I learned was about the sustainability of yield. It's not just about how high the returns are, but you need to delve deep into the actual mechanisms: where does it come from? Is it reasonable? And always remember that 'Too good to be true' is often true in this market. Since then, I've been much more cautious about the risks of 'capital' and 'returns' in DeFi. I don't just look at APY anymore, but also the stability of the protocol and the fundamental value of the underlying assets.