@hdbnbssjxhbz.base.eth
APY is a label, not a truth. Break it down:
Fees: Real revenue from protocol usage (e.g., trading/lending fees).
Incentives/Subsidy: Token emissions (often inflationary rewards).
Compounding/Reinvestment: Auto-reinvesting rewards to amplify yield.
Price Exposure: Asset appreciation/depreciation (e.g., token price swings).
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