Lately, checking the APY of yield aggregator platforms feels a bit like looking at discounts on takeout: the numbers look attractive, but you have to read the fine print—which contract is actually helping you "group buy," how many hands the money passes through, and who takes the blame if something goes wrong. To put it simply, aggregators are not just "automatic arbitrage," but more like putting you into a series of strategies: lending, market making, re-collateralization… each additional layer adds contract risk + counterparty risk, and a failure can propagate more smoothly.

Recently, some mainstream public chains are upgrading/maintaining, and the community is speculating whether the ecosystem will migrate. I’m actually more concerned about: if those strategies are temporarily paused or parameters are changed before or after the upgrade, will the aggregator get stuck at some point or be forced to reroute? Anyway, whenever I see exaggerated APYs, I first check: where is the funds custody, who holds the permissions, is there an emergency switch, I’m too lazy to draw diagrams… just to stay safe.