Lately I've been looking at some yield aggregator APYs again, the numbers look pretty good, but my first reaction isn't "go for it," but rather to check which contracts the money has been put into and whether there's been a swap of counterparties. To put it simply, you're not buying interest, you're buying a set of permissions: whether you can redeem at any time, whether the strategy can be switched away by an admin with a single click, whether the liquidation line of the underlying lending pool is already crowded. Not to mention some use cross-chain or wrapped assets to circle around; the interest rate curve looks stable, but the risk has just been moved elsewhere. Recently, AI agents and automated trading have also been quite popular, constantly talking about "automatically rebalancing your portfolio." I just want to ask: who are they interacting with automatically, how are the private keys/authorizations managed, and who bears the responsibility if something goes wrong... Anyway, I’d rather earn a bit less and understand the contracts and counterparties clearly before I sleep.