Lately I've been looking at yield aggregator pools again, and that APY on the page is really tempting, but my first reaction now isn't "how much can I earn," but rather "who is ultimately paying." To put it simply, many yields are layered contracts stacked on top of each other: one layer of deposit, one layer of lending, and another layer for other uses. It looks lively on the chain, but if something goes wrong, you're the one taking the final loss.

Last week, the group started discussing stablecoin regulation, reserve audits, and rumors of potential de-pegging. As the discussion went on, emotions started to rise, and I also felt anxious... But the more these situations happen, the more I remind myself not to change plans on the fly. My approach is very simple: if I can understand the contract and counterparty, I try a small position; if I can't figure it out, I just pretend I didn't see it. I'd rather earn a little less than lose sleep over it.