Recently, someone showed me a screenshot of the APY from a yield aggregator. Basically, that string of numbers is just an "entry point." The real things you're paying for are the contract permissions, the rebalancing logic, the restaking paths, and even the counterparties doing market making or lending behind the scenes. On-chain, everything looks transparent, but what’s truly transparent is the process; what’s not transparent is human nature: when funds flood in, slippage rises; when strategies are adjusted, you passively follow the trend; and in the end, you have to pray that the contract has no backdoors, the admin didn’t slip up, and the counterparties don’t blow up… These days, talking about rate cut expectations and the US dollar index moving, risk assets seem to catch their breath along with it. I find it easier to understand it as: everyone just wants "guaranteed returns," so they prefer to ignore "who’s footing the bill." No rush for now.