I'm about to try Defi platform now but i have no idea about it. All I really just see is that its going to give me more than 10% of APY. This is good enough for me but I just want to be aware of the risk if anything could happen. Any given situation, is this not going to be good?
APY 10% can tempt people to invest their money in that project without knowing if that project has a good plan and can work step by step.
As the DeFi platform nowadays becomes popular, it could attract scammers to use the trend and create the fake DeFi project and invite many investors to join with them.
If you really want to invest in the project, I suggest you invest in bitcoin and hold it long-term.
Bitcoin does not offer 10% of APY or something like that but bitcoin can give you the profit in the future.
But if you still insist on investing in the DeFi project, you need to be very careful because not many of them can give you the profit.