I used to focus on APY when looking at yield aggregators, my eyes almost popping out, thinking "just click and it automatically compounds," so much easier. Now after being educated a few times, I realize: behind the APY is not magic, but a series of contract calls plus promises from counterparties. If any link has a problem, what you get is not interest, but a notice saying "We are fixing it."

What's even funnier is that recently, L2s are arguing over TPS, fees, and subsidies. I just want to laugh: one side is cheap by a dime, the other side offers more tokens in subsidies, and in the end, the aggregator moves positions back and forth to squeeze more, crossing chains, with contract risks and bridge risks stacking buffs... Basically, yields are made up, and the problems are also made up.

My current approach is very cautious: don’t leverage until the trend is confirmed, and don’t be tempted by high APY; if I really use a aggregator, I first check which protocols it has interacted with, whether it has permission to modify arbitrarily, and if emergency exit is just a show. I used to jump in impulsively, now I impulsively go check the contract address first, and after checking, I usually calm down.