I just stumbled onto a yield aggregator page—the APY is written as if it’s basically free. My hand almost reflexively tried to click “Deposit”… then I calmed down. Thinking about it, at its core this thing is simply stacking a bunch of contracts and counterparties on top of each other. In the end, what you get isn’t “yield”; it’s “the route.”

The aggregator itself might not be the problem. But the underlying layers are either lending pools, market making, or various re-staking / shared-security setups—so I can understand why people complain it’s a “nesting doll” scheme. With so many layers, if any one layer has a bug, goes into liquidation, or the oracle shakes even a bit, the on-chain ripples turn into a whole wave of liquidations. I do like high volatility, but I care more about whether I can survive to the next round. So when I look at the APY, I first check: exactly which contracts is the money going into, whether there are admin privileges, who the counterparties are… If I can’t make sense of it, then it’s fine—I’ll earn less.