Recently, someone threw a screenshot of the APY from a yield aggregator in my face: brother, you're not looking at the yield, you're looking at the slideshow of "who's covering your losses"... frankly, what's behind the APY is whether the contract is stable, who the money is actually lent to, whether the counterparty might suddenly go silent—these are the underlying stories.

Right now, I only focus on a few "signals": whether the contract is frequently changing, whether the inflow and outflow of funds suddenly get stuck, whether the team’s statements start to become vague. Plus, with recent rumors of increased taxes and tighter compliance in certain areas, the expectations for deposits and withdrawals change, and people tend to get emotional, the more emotional, the more they love to leverage heavily... Anyway, I’ll first turn down the leverage, keep sharing meme images, life is more important.