Recently, someone asked me again whether the APY of yield aggregators is attractive... Frankly, no matter how good the numbers look, they are just the entry point. What I really care about is which contract the money ultimately goes into, how many jumps it takes, whether there is lending leverage involved, where the liquidation line is, and so on. I learned from a past crash that contract risk is obvious; what’s truly uncomfortable is the counterparty layer: custody, cross-chain operations, market-making pools, or even permissions to "temporarily change strategies." When something goes wrong, you don’t even know who to blame.

Recently, with rumors of increased taxes and tighter or relaxed compliance in certain regions, the expected inflow and outflow of funds directly affect everyone’s confidence: the market hasn’t moved much, but people’s mindset has shifted first, making it easier to chase high APYs blindly. Anyway, I now prefer to earn a little less if it means I can understand the fund flow, permissions, and emergency plans. Next time, I’ll review the strategy contract and the underlying pool permissions before entering. When you look at APY, what’s the first thing you check?