They provide leveraged yield farming with huge APY, but is it safe, or the risk to have your position liquidated is high?
Investing in all types of cryptocurrencies is high risky. And if it is a new coin then it is more risky. So it can never be called safe.
High APY doesn't mean you can easily get your initial investments back. This APY may be high at the start and later on fall down. It depends on how strong the platform is. As I never heard this defi platform, better dig more if the OP is interested on this platform. There are so many defi platforms already and they are offering high APY. But as you noticed, as days passed, their APY is also decreasing.