The group has been sharing screenshots these days about "a certain stablecoin being regulated," "reserve audits having issues," "being de-pegged," and so on. I haven't said anything... but seeing everyone panic and rush to high APY yield aggregators still feels a bit uncomfortable. To put it simply, APY isn't something that falls from the sky; how the contracts are connected, who the money is ultimately loaned to, and whether you can smoothly exit during a run on the bank are the real counterparts. Seeing TVL on-chain grow rapidly doesn't necessarily mean it's safe; active addresses might just be the same group of people moving funds back and forth. Anyway, when I see annualized yields that are ridiculously high, my first reaction isn't "opportunity," but to check how many layers of contracts are stacked underneath, which stablecoin provider is used, and whether there's real income supporting it... That's all for now. Don't be hypnotized by the numbers.