Recently, I've been browsing various yield aggregator APYs again. Honestly, no matter how good the numbers look, my first reaction isn't "I've made money," but rather: where does this yield actually come from, and who can move my funds within the contract? Many seem to be automatic compounding, but in reality, there are several layers in between: routing for token swaps, lending, re-staking, or even treating you as liquidity to move to other pools... each layer adds contract risk and counterparty risk, and issues might not necessarily originate from the layer you think.

Especially with this wave of new L1/L2s starting to offer incentives to boost TVL, I totally understand the complaints from veteran users about "mining, dumping, and selling": once incentives stop, APY is like a power outage, and all that's left are slippage and exit costs. Anyway, when I look at aggregators now, I first check permissions, upgrade toggles, and whether the yield source relies on subsidies, then I look at the depth of exit paths. Otherwise, I’d rather miss out than become a liquidity donor.