Recently, I saw yield aggregators again touting impressive APYs. My first reaction wasn't "go for it," but rather to check what exactly they are doing for me: which contract the money is invested in, who holds the permissions, whether the yield is backed by another pool or market maker... In short, APY is just packaging; the contracts and counterparties are the real core.

Lately, funding rates have been extremely volatile, and in the group, people are arguing whether to reverse or continue squeezing the bubble. I’ve become even more cautious: at such times, many "high yields" are actually just riding the wave of emotional volatility premiums—looking good in a tailwind, getting stuck in a headwind.
If I hadn’t paid close attention to contract permissions or thought through the exit strategy at the time, I might have been dragged along by "auto-compounding," only to find I couldn’t withdraw when I wanted to cash out... Anyway, I now prefer to earn a bit less, spreading out into several small tentacles, those that can be retracted at any time, so I can sleep peacefully.