High APY projects have high returns I think it is still liked by many people today. even some of these newly emerging projects with the latest high APY. but so far none of them can be a sustainable DeFi. how are they when they know that this is very risky but only insist on profit.
The high APY project is just a pyramid scheme, that is the fact prove me wrong if you do not think so.
Their model is to absorb as much as money they can to create hype and get their initial back + profit from running the project. I have been in many chains BSC, OKT, KCC, Dogechain, etc. And all of them were doing the exact thing, creating A project and then dump. Afterward, they create another project with a different name.
The cycle is just like that, they are exploiting peoples' greed to make money and it worked.