Recently, someone asked me again whether the APY of yield aggregators can be boosted... I now prefer to open the contract address and take a quick look: which pools the money actually went into, who has permission to change the routing/collect fees, whether the emergency switch is just a one-click lock. To put it simply, APY is just a wrapper; behind it are contract risks plus counterparty risks stacking together, and when luck is bad, it’s more straightforward than a power outage for a mining rig.

These days, retail investors are complaining about validator income, MEV, and the fairness of transaction ordering. I can understand: you think you're “earning interest,” but a big part of it might actually be the leftovers squeezed out from others’ ordering, frontrunning, and liquidations. When the wind shifts, it’s gone.

I used to be a bit paranoid, always saying “I only look on-chain,” thinking that everything written on the chain wouldn’t lie. Now I correct that: it’s written on-chain, but you have to understand it, especially permissions, upgrades, and fund flows—don’t just stare at that shiny APY. Anyway, I’ve become slower now; I’d rather earn less than wake up to find I’ve become liquidity fuel for someone else.