A few years ago I climbed over a gate and found myself gazing down at a valley. After I’d been walking for a few minutes, looking at the fields and the sky, there was a shift in my perception.

After years of chasing unsustainable APYs, decentralized finance (DeFi) is being forced to grow up. But can it deliver real, sustainable yield—or is the dream still a mirage? Let's rewind to DeFi ...