Recently, I’ve been looking at the yield aggregator pages again, and the APY looks quite tempting, but my first reaction now isn’t “how much can I earn,” but rather “how exactly is this money moving around.” To put it simply, aggregators are just throwing you into a bunch of contracts to run errands, with contract permissions, upgrade switches, and external protocol issues all on the line—when there are many counterparties, it starts to get mystical. When trading volume increases or volatility spikes, the returns look stable, but it’s actually like layering risks and wrapping them in a pretty package.

These days, phishing links are ridiculously abundant again, and hardware wallets are out of stock… My roommate even asked me, “What happens if I click on an airdrop link?” I told him directly, don’t ask, just don’t click. Anyway, my current approach is simple: only put small amounts into what I understand, double-check addresses multiple times, and prefer to earn less than get caught up in the hype.