Recently, I've come across a bunch of screenshots of APYs from yield aggregators, all talking as if they were automatic teller machines. The more I see the numbers grow, the more I want to test if they’re hot or not: what exactly is this APY based on? Are the contracts layered one on top of another, with the key permissions in whose hands, and if something goes wrong, who’s responsible as the counterparty... To put it simply, returns don’t come out of thin air, and risks aren’t written on the posters.

In the group, these days, everyone’s sharing rumors about stablecoin regulation, reserve audits, and the “possible de-pegging” concerns. As they keep sharing, everyone’s emotions start to fluctuate just like funding rates. I no longer believe the phrase “audit = absolute safety.” Anyway, I’d rather earn a little less now, revoke any permissions that can be withdrawn, and only participate when I understand what’s going on—at least that way, I won’t get caught with a messy situation if things turn sour.