Why does your yield always last less than three months?

Because you're looking at fake APR.

The most deceptive thing in the crypto world is "high returns." In 99% of cases, they come from two sources—mining subsidies (project teams burning money in a suicidal manner) or false liquidity prosperity (trading volume all generated by self-trading).

When subsidies stop, returns instantly drop to zero. When the whales run away, the pool becomes a swamp.

You're always catching this pump.

Ferra @ferra_protocol The reason why the 1B trading volume in three months is worth paying attention to is not the number itself. It’s because there’s no subsidy illusion behind it. Pools like MAGMA, TRUTH, WAL, SUI have APRs that are genuinely generated by trading activity, not fed by project teams.

These are two completely different entities.

Real trading generates real fees, and real fees are distributed to LPs. The ones that still survive without subsidies are true infrastructure.

The standard for judgment is simple—
Can you create a pool permissionlessly? If you need official approval, then it’s still an application, not infrastructure.

Who is trading? Real users or project team bots?

And after subsidies stop? That’s when you see the truth clearly.

Most people only look at DeFi by yield ranking. That’s wrong. What you should look at is—whether this infrastructure is genuinely used, whether users really need it, not just attracted by subsidies.

Sui itself is focusing on infrastructure like parallel execution and native liquidity. Some are taking advantage of the trend to build liquidity layers, which makes logical sense.

But whether it will succeed—wait until the subsidies completely fade away.