Recently, when looking at the APY of yield aggregators, a high number can easily get you excited, but I’m used to scrolling down first: where does this yield actually come from, and is it just looping you through a series of contracts? To put it simply, what you’re getting isn’t “interest,” but a packaged note that involves taking on contract risks (upgrades, permissions, oracles, liquidation logic) + counterparty risks (who’s borrowing, who’s market-making, who’s subsidizing). The most common scenario in on-chain data is: once subsidies stop, funds withdraw faster than you can click to exit, and slippage and fees eat up the last bit of profit. Recently, attention shifts driven by meme/celebrity calls also follow the same pattern—veterans advise newcomers not to take the final step, which basically means don’t just look at the surface APY/hype. First, understand “who’s paying, why they’re paying, and who will cover the losses if something goes wrong” before making a move.