Recently, I looked again at a few yield aggregator pools, and the APY on the page really knows how to tell a story, but behind the story, it's actually the smart contract running errands for you and, by the way, taking the blame... To put it simply, what you're buying isn't "yield," but "strategy + permissions + counterparty."


If the strategy is complex, your funds are moving around in several contracts; if any permission isn't tightened or if the protocol encounters a hiccup, it all affects your experience in the end.

Now I look at APY, I first check who it's connected to: whether it's throwing you into lending as liquidity, relying on subsidies to support it, or acting as a counterparty in some small protocol. Modularization and the development of the DA layer are exciting for developers, but users are actually more confused: layer after layer of narrative stacking, risks also stacking up, yet the interface always only shows you a single number.
Anyway, I’d rather earn a little less than wake up in the middle of the night to check a "contract upgrade announcement."
For now, that's it. I'll take my time and choose slowly.
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