This morning I checked a few yield aggregators, the APY was flashing like colorful lights, but my first reaction wasn't "Wow," it was to see how many times the money had circled: Did they just put you into a pool and then lend it out? Is there a contract in the middle that can change parameters at any time? Who is the counterparty, in plain terms, who is holding the keys? Many times it looks like autopilot, but actually it's more like shoving spare change into the maintenance hatch behind a vending machine... you don't even know who's tightening the screws.

Recently, everyone has been talking about staking unlocks, token unlock schedules, and the anxiety over selling pressure is everywhere. I don't dare chase high APY at such times; once the unlock happens, the liquidity in the pool is like pulling the plug in a bathtub, the yield numbers are still jumping, but the water level has quietly gone down. For now, I prefer to earn less rather than take on "counterparty risk."