Recently, I've seen people use ETF fund flows and U.S. stock market risk appetite to explain the rise and fall of the crypto market again. It sounds quite lively, but right now I'm more concerned about another thing: who is actually working for you behind the APY of the yield aggregator. To put it simply, clicking "Deposit" actually involves several layers of contracts transferring back and forth, with routing, lending pools, market-making pools, and even some "strategy contracts" you've never heard of. The counterparties you're exposed to are more than one, and an incident doesn't necessarily mean the main protocol will blow up first.

Why can I stay calm? It's just a habit: every time I want to push the APY higher, I first review the authorization list, and if I see unlimited permissions or unfamiliar contracts, I revoke them first. I also split the amount into small portions and test run for two days; if there's no abnormality, then I add more. The returns are great, but once wallet permissions are loosened, it's too late to cry... That's all for now.