实际收益率 vs. 通胀代币排放

For me, it's about diving into the tokenomics. What's the unlock schedule? What's the utility beyond just governance? A high APY from token emissions can be fine for short-term farming, but for 'true' real yield, you need to see some product-market fit driving demand for the underlying asset, not just the farm token.

Totally agree. It's so easy to get caught up in those flashy APYs, but the real challenge is figuring out what's sustainable. I've been focusing on protocols with clear revenue streams from actual usage, like lending fees or swap fees, rather than just emissions.