Recently, I’ve been looking at the APY of yield aggregators, and the numbers look pretty good, but my first reaction isn’t “go for it,” it’s: where exactly does this yield come from… Who holds the contract permissions, which pools are being invested in at the bottom layer, and if the counterparty has an issue, am I even able to withdraw? Especially now, with new L1/L2 incentives rapidly pulling in TVL, old users complain that “mining and selling” isn’t without reason. When rewards are hot, everyone is happy to talk, but once the hype dies down, only fees and slippage are left to slap us in the face.

Last night, I even had a moment where I wanted to just exit directly, those authorizations in my wallet looked annoying, and I thought about uninstalling the app too. But I restrained myself: first, clear out the authorizations, do a small trial run for two days, calculate the costs, and don’t get pulled along by the word “annualized”… Anyway, if I miss out, just consider it paying tuition.