When it comes to DeFi returns, I've done my homework. Most people jump into yield farming without understanding the mechanics behind those numbers. Here's what matters: where does the yield actually flow from? Is it coming from protocol fees, inflation incentives, transaction volume, or something else entirely? That's the real question. Too many projects dress up their APY in flashy percentages while the underlying economics don't hold water. You need to trace the money—follow the token distribution, check the liquidity depth, verify if the yield is sustainable or just temporary incentives bleeding the treasury. Once you map out the cash flows and incentive structures, the picture becomes crystal clear. That's when you can separate genuine opportunities from the noise.