Lately I've been reviewing a few yield aggregators again. The APY on the page looks pretty attractive, but my first reaction now isn't "go for it," but rather "where exactly is this yield coming from?" Frankly, is there another layer of lending/re-staking/cross-chain in the contract? Who will cover the losses in extreme market conditions? It's easier to check the counterparty if it's an on-chain protocol, but I'm most worried about those "strategic partners" whose terms are written vaguely—you end up with a bunch of promises. On the macro side, there's still chatter about rate cut expectations, the dollar index, and risk assets acting erratically together. The more these sentiments resonate, the more APY sounds like a noise amplifier. My crude way of filtering out the noise: don't look at annualized rates first, follow the cash flow. Trace through the transactions and contract calls step by step; if you can understand more than three steps, then consider investing. Otherwise, just forget it.