Recently, someone asked me again how to look at the APY of yield aggregators... To put it simply, don’t just focus on that string of numbers; behind it is actually a bunch of contracts looping around, plus a bit of “whether the counterparty is willing to pay back according to the rules.” No matter how fancy the contracts are written, if there’s a liquidation failure, redemption queuing, or even some tricks on the bridge side, the APY immediately turns from fragrant to choking. Especially these days, before and after mainstream chains upgrade/maintain, everyone is guessing whether projects will migrate. I actually care more about: whether to migrate or not doesn’t matter, what’s key is whether the asset path will suddenly add a layer of risk. Staring at the charts until my eyes hurt, my neck also stiff, anyway I’d rather earn a little less now and make sure the exit button is confirmed first.