Lately I've been looking at APYs from yield aggregators again. When the numbers go up, it's easy to get excited, but honestly, it's not just about "smart strategies." More often, it's about contracts layered on top of each other, intertwined with various counterparties: lending pools, market-making pools, cross-chain bridges, and even permissioned addresses you've never clicked on. You think you're earning interest, but really you're helping a series of contracts shoulder the risk together.

Over on Layer 2, they're starting to compare TPS, fees, and ecosystem subsidies, and it's getting pretty lively. But the bigger the subsidy and the higher the APY look, the more it seems like they're just urging you not to look too closely at the terms... Forget it, to put it plainly: don’t just focus on the yield rate. First ask yourself—where does this yield come from, and who will compensate if something goes wrong? Anyway, whenever I see "auto-compounding" or "one-click passive income," I pause for two seconds.