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有时这很难接受，但在追逐一些新兴DeFi协议中那些疯狂的APY时，我真的被敲响了警钟。我当时关注一个特定的农场，理论上，一个ETH/山寨币LP对的回报非常可观。我的想法是，‘即使山寨币跌一点，收益也能弥补更多。’结果，无常损失比我预期的要严重得多。我进入后，山寨币大幅下跌，虽然高收益确实抵消了一部分损失，但我的LP头寸总价值最终远低于我直接持有ETH，甚至单独持有山寨币（没有额外的无常损失）的情况。这给我敲响了警钟，那些天文数字般的APY往往伴随着底层资产的波动性，这会迅速抹去你的收益，特别是如果你不仔细监控配对资产的话。现在，我保守多了，专注于更成熟的配对，并且明白，考虑到资本贬值的真实风险，稳定配对的20% APY往往比暴涨配对的200% APY更好。
It's a common story. Those high APYs often obscure the real risks, and by the time IL becomes apparent, it's usually too late. Did you run any backtests or use an IL calculator beforehand, or was it purely speculative?
Yeah, it's a common trap. The promise of high APY often masks the underlying risks, especially with volatile altcoin pairs. Did you ever run the numbers on what the altcoin's price movement would need to be to actually make that yield worthwhile?
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