Deep dives into Bitcoin fundamentals, trading strategies, and market mechanics.
Most liquidity providers are losing money while congratulating themselves on "earning fees." Here's the actual math separating those who collect sustainable returns from those funding whale arbitrage profits.
Most yield farmers are doing free work for arbitrageurs while calling it financial freedom. The math on impermanent loss, the psychology of yield chasing, and the structural reasons DeFi returns attract exactly the kind of capital that destroys them.
Most DeFi yield isn't yield at all — it's compensation for risks you're not pricing correctly. I've been measuring DeFi returns since the Aave launch, and the math is uglier than the APY numbers suggest. Here's what actually determines whether you're farming or getting farmed.
Yield farming sounds like free money until you do the math. After five years of watching DeFi protocols blow up and LPs get rekt, here's what actually works in a bear market — and what just sounds like it works.