Someone asked me whether the APY on yield aggregators is reliable... I actually want to see where the money is really going behind the scenes. To put it simply, APY is just the cover; inside, there might be multiple layers of contracts jumping back and forth, which layer has bugs, which lending pool is acting up, or if the strategy relies on a market maker pulling out liquidity, what you get is not just "yield," but also counterparty sentiment and technical debt.

Recently, there are always people watching large on-chain transfers and hot/cold wallets of exchanges, shouting "smart money is coming/going" whenever there's movement. Sometimes I get curious and check too, but it’s the same feeling as with aggregators: everyone sees the actions, but they can't see the chain of contract relationships behind the scenes and who’s backing them. Anyway, I mostly just buy some experience tickets, manually do what I can, and if I really put money in, I just assume it could stop working at any time... That’s it for now.