Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.
It's not only some but almost all of these projects were scam
This is only an example about how the ycrap projects have scammed the investors
https://news.bitcoin.com/defi-project-yfdex-finance-vanishes-with-20m-investors-funds-just-two-days-after-launch/This story will be the same as ico story of there was no prevention act to prevent this scam y projects to come. There was only a very small percentage for the y project to not be the next scam project.
It's also very difficult to make awareness for people to not throw their money into these scam circle called y family defi.