Yield: identify who pays it

An advertised percentage does not explain where the money comes from. A lending market may distribute borrower interest; a pool may distribute trading fees; a project may distribute newly issued tokens. A fraudulent programme may use later deposits to fund earlier withdrawals. The percentage alone cannot distinguish them.

Follow the cash flow

Identify the payer, the asset paid and the conditions required to sustain the payment. Token emissions can raise the number of units held while dilution or price decline reduces their value. A temporary subsidy may disappear when an incentive budget ends.

Compare the quoted rate with fees, withdrawal constraints, collateral exposure and the period over which it was measured. A short burst of trading does not necessarily support a year of similar fee income. An annualised figure extrapolates assumptions; it is not a contract guaranteeing that result.

MASTR's Survival Guide places the payer question before the return figure. BitConnect's historical case shows why a supposed trading system and promised returns need more than a promotional explanation.

来源

1. MASTR: Crypto Survival Guide, four original panels
2. Aave: health factor and liquidations

资料核对日期：2026年9月5日. Historical cases retain the date and legal status of the cited record.