this post was submitted on 15 Nov 2023
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Understand how APY works. For a quick and dirty its
Lot size * (APY in decimal format) / 365 = Daily earnings
People who tell you 'oh you can make that in a few trades' or you could lose that 'in a few trades.'
You have options; each requires knowledge for each option. You probably won't obtain that knowledge if you try to do without knowing the first time. You'll obtain a lot of stress. Work with the wrong contract, or dapp and poof! Magic its gone.
If your friend can't figure out reddit to make this post, maybe they should gain basic technology literacy skills before entering the world of defi. The basis of which is creating, and storing strong unique passwords properly. Can't do that, then you won't know what to do with your seed phrases and you could leave it laying around, backed up to your documents folder on your windows pc that is already compromised from all of the 'free remote tech support' you are recieving each time your computer acts up (and its basically twice a month, every month)
-Speaking for a friend.