These days, I've seen quite a few yield aggregators presenting APY as if it's a weather forecast, all sunny and clear. To put it simply, APY is just the result; what really matters are which contracts are arbitraging, how many hands the money passes through, who is helping you renew positions and swap pools—these are the "air pressure." I usually start by clarifying the fund flow: whether the principal has been converted into other derivative tokens, whether leverage is involved, where the liquidation trigger points are. I'm most wary of those that seem convenient but actually stack the counterparty layers multiple times.

Recently, incentives on testnets and expectations for points have heated up again. Everyone is guessing whether the mainnet will issue tokens. When emotions run high, many products naturally include expected returns into APY, making it look more attractive, but it also makes it easier to overlook old issues like contract permissions, oracles, and admin keys.

I'm more like someone who patiently waits for the wind direction by watching weather charts, rather than chasing after points tables everywhere; anyway, I’d rather earn a little less and sleep more soundly.