A DeFi protocol just flipped on a liquidity pool paying 40% APY — and most people are going to ape in without reading the fine print. Here's the alpha. The yield is real right now — but it's emissions-driven. Governance tokens are being printed to fund it. Early LPs eat. Latecomers get diluted. Classic ponzi curve if you're not watching TVL. Second risk — impermanent loss. You're in a volatile pai…