Recently, I’ve been looking at a few yield aggregators again, and that string of APY on the page really catches the eye. But my first reaction now isn’t “how much can I earn,” but rather “what exactly is the contract doing with the money.” To put it simply, you’re not buying just the yield; you’re also buying a bunch of contract permissions, strategy execution, and possibly counterparty risks from bridges and lending pools. If any part has a small problem, a high APY is useless.

These days, people compare RWA, US Treasury yields, and on-chain yield products together. I can understand that, since they seem “more stable.” But on-chain, the source of yield is often vague or keeps changing, so you have to watch yourself: whether the strategy is leveraged, if redemption has delays, if permissions are multi-sig, whether emergency pauses are effective. For small funds, I’m even lazier to gamble; I prefer fewer positions, diversification, and the ability to withdraw at any time… Anyway, discipline is more important than imagination.