Recently, someone asked me again how to interpret the APY of yield aggregators... To put it simply, don’t just focus on that string of numbers; behind it is actually a bunch of contracts looping around, plus a bit of “whether the counterparty is willing to pay back according to the rules.” No matter how fancy the contract is written, if there’s a liquidation failure, redemption queues, or even some tricks on the bridge side, the APY immediately turns from sweet to sour. Especially these past couple of days, before and after major public chain upgrades/maintenance, everyone’s guessing whether projects will migrate. I actually care more about whether they migrate or not: it doesn’t matter much, what’s crucial is whether the asset path will suddenly add an extra layer of risk. Staring at the charts until my eyes hurt, my neck’s stiff—anyway, I’d rather earn a little less now and make sure the exit button is ready first.