When people compare DeFi liquidity pools, the first number they usually look at is APY. That makes sense, since a higher APY appears to mean higher returns, but it’s ultimately a backwards-looking metric: it shows how a pool has performed over a given period, not what liquidity providers (LPs) should expect to earn in the future. In practice, two pools with similar APYs can produce very different outcomes for LPs, and in some cases, a pool with a lower headline yield can end up delivering bet...