A friend excitedly told me before that he discovered a DeFi mining pool with an annualized return close to 50%. But less than two weeks later, the yield plummeted to a single-digit percentage. I still remember his expression to this day.

Actually, this isn't his fault. Many high-yield projects are like castles built on the beach—once market sentiment shifts or incentive policies are adjusted, they can disappear in an instant. This is a common tactic in liquidity mining—attracting funds with exaggerated APYs in the early stages, and once the lock-up period is over, the yield table starts to dive.

So, when looking at DeFi mining pools, be more cautious: those suddenly appearing with ultra-high returns are mostly traps. The real opportunity lies in understanding the value of the protocol itself, rather than chasing after numbers on the hype.