Recently, I came across a bunch of "high APY" yield aggregators. Honestly, I'm a bit exhausted but still watching... Because behind the APY numbers, it's often not "money falling from the sky," but contracts lending out your tokens, swapping pools, stacking layers, and in the end, it's not always clear who your actual counterparty is. The fee rates look attractive, but when you encounter slippage + impermanent loss stacking up, it effectively becomes "risk for a screenshot."

I now have a habit: first, check which contracts the money has entered, whether there are upgrade permissions, and if the exit path is smooth (so you don't have to queue to unlock when withdrawing). Recently, with news of certain places imposing taxes or tightening compliance, everyone's expectations for deposits and withdrawals have become more sensitive. The more sensitive they are, the easier it is to chase "high yield compensation," which ironically makes it easier to fall into traps. Anyway, I’d rather earn less, at least knowing which waters I’m sailing in.