A common investment pitfall, especially in crypto, is wanting to get yield on everything. Even as asset prices naturally track debasement, for some reason we always desire yield. Take for example BTC. People will forfeit custody, get tokenized IOUs, then place that wrapped BTC into their favorite DeFi money market, borrow capital at 50% LTV and pay 1.25x RFR borrow rate. Then they'll take the borrowed stables and deposit it at their favorite DeFi vault @ 10% APY, paying a 10% performance fee. They're underwriting: -wrapper risk -money market risk -liquidation risk -vault risk for a 4.6% *real* return. Also, by actively using managers along the way they start getting measurable negative alpha. They're paying fees on the money market, on the vault, on the swap, on custody -- and then paying opp cost by putting in work. All this eats into their R/R. You should only do these strategies if your alpha is positive, in spite of all these hurdles. Don't listen to that part of your brain that for some reason desires yield. Re-check your portfolio. If you don't have any alpha on your strategies, default to the lowest-fee option.