These days I’ve been seeing a bunch of screenshots of yield aggregators again, with APYs looking like they’ve been hacked. Honestly, those numbers are just the result of “distributing your money into a series of contracts,” even if there’s a layer of borrowed liquidity or counterparty strategy drawdowns in the middle, what you get isn’t just interest, but also a bunch of promises you haven’t seen.

Not to mention some aggregators frequently change their paths, going from Pool A today to Protocol B tomorrow, thinking they’re earning passively, but actually they’re resonating with the security, liquidation mechanisms, and oracle issues of different contracts… No matter how lively the announcements are, it doesn’t mean the fundamentals are strengthening.

By the way, I want to complain that now everything can be linked to ETF capital flows and US stock risk appetite—when prices go up, it’s “institutional recognition,” when they fall, it’s “macro suppression.” Anyway, I always look at APY by checking who wrote the contract, where the money ultimately ends up, and who’s on the hook in the worst case, don’t just stare at that green number.