Over the past couple of days, I’ve been seeing people post the APY of yield aggregators again. When the numbers get cranked up, it’s easy to get carried away—but for the most part, I first check what contracts the money actually gets sent into, and whether there’s an intermediary “service” account in between that holds custody. To put it plainly, APY is just the outcome. Behind it are permissions, the upgrade entry, the liquidation logic, and the actual counterparty you’re dealing with.

My colleagues are still chatting about social mining and the whole “attention is mining” approach with fan tokens. After hearing that, I want to go back and look at the fund flows even more: sure, it’s lively and exciting, but in the end it comes down to who’s picking up the bill, and who can shut the gate at any moment. Honestly, I’d rather move slower, make a little less, and not wake up one day to find the earnings still sitting there—only for the contract address to have changed hands already.