These days, watching the APY of yield aggregators, it’s starting to look more and more like those blockchain games that “give you a set of divine gear at the start”… To put it plainly, the numbers look pretty good, but who’s actually paying the interest behind the scenes, how the contracts are turning over, whether there are hidden counterparties— you have to open up the thermometer and take a closer look. When TVL rises, everyone says the ecosystem is recovering; when TVL drops, it’s as quiet as if the internet is down. With blockchain game inflation + studios coming in hot, the coin prices spiral and crash, that vibe is pretty much the same.

My mindset has also been updated: v1 only looks at APY; v2 starts making comparison tables (can't help it); v3 sees “multi-layer packaging” and stops for a moment, preferring to earn less rather than discovering one day that what they’re earning is “the last gasp before others run away”… Anyway, that’s how it is for now.