Midnight browsing and I see someone showing off the APY of a certain yield aggregator again. The numbers look attractive, but every time I see it, I instinctively think: who is actually paying this interest? To put it simply, the aggregator itself doesn't generate returns; it just redirects you to other pools/strategies. There's a layer of contract risk, and another layer involving counterparties (borrowers, market-making pools, even cross-chain bridges). The smoother the APY appears, the more it might rely on continuous demand from people taking on the risk. Recently, there's been talk about tax increases, tightening or loosening of compliance, and changes in deposit and withdrawal expectations. When inflows and outflows shift, many "high APYs" suddenly feel like a fan with no power—turning slowly and making noise... My current approach is pretty simple: first, see where the money actually lands, who has the authority, and how the emergency switches are set up. If I can't figure it out, I treat it as a high-risk note, put less in so I can sleep soundly.