2020
Yield is a job you underwrite
DeFi made passive income sound automatic. It is not. Staking, liquidity, and points all have a counterparty.
The 2020 desk learned to separate three numbers that marketing glues together: the headline rate, the asset you are actually paid in, and the chance the machine stops. A strategy earns a place only when those three fit on one card.
Lockups are time you cannot have back. Points are a promise until they settle. A rate without a failure mode is an advertisement.
Passive is the result of a system you can leave running. It is not a synonym for unread.
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A circle that can read a chart