APY (annual percentage yield) compounds returns over a year; APR usually does not assume compounding.
Crypto APYs can be emissions-driven and unstable. Separate real yield (fees) from token rewards.
In research workflows, APY is usually interpreted with APR, Yield farming, and Staking rather than as a standalone signal. Smart-contract, oracle, and governance risks are part of the product. Yield without understanding the mechanism is usually underpriced risk.