Lately I've been looking at a few yield aggregator pages again, and the APYs look quite tempting, but my first reaction now isn't "how much can I earn," but rather "which contract or pool is this yield actually coming from." Some of them are just putting your money into lending and layering derivatives for hedging; it sounds stable, but the real counterparty risk is hidden in that invisible position... When TVL rises, it’s like the fog gets thicker. It’s better to look at active addresses and net inflow together to feel a bit more assured.

The expectations for the testnet points were also pretty exciting, everyone in the group was guessing whether the mainnet would issue tokens. I was tempted too, but I still don’t dare to treat "airdrop fantasies" as a source of income. Honestly, if I don’t understand the contract permissions, liquidation logic, and who’s actually taking on your risk, I’ll hold back a bit.

What I don’t regret is... every time I see outrageous APYs, I first check the contract and fund flow. Taking it slow is okay; at least I can sleep well at night. That’s all for now.