Recently, I saw someone showcase a high APY from a certain yield aggregator again. Frankly, my first reaction isn't "how much can I earn," but rather, how many layers of money it has wrapped around and who it's feeding to. Aggregators seem convenient, but behind the scenes, it's all contracts layered on top of contracts. When there are many counterparties, it's easy to get that feeling of "seemingly risk-free on the surface, but with dangerous undercurrents": where the liquidation line is hidden, who holds the permissions, whether the emergency switch can be paused with one click... I’m used to first checking the flow of funds and abnormal active addresses, even if it means accepting lower yields.

By the way, the main public chains are upgrading/maintaining, and the community is starting to speculate whether the ecosystem will migrate. I think, at times like this, aggregators are more likely to passively "change routes." Yesterday’s security boundaries might be different today. Anyway, I only dare to test with small amounts now. If I want to sleep well, I still need to understand the pathways more clearly.