Recently, someone asked me again about yield aggregators and that APY looks pretty attractive, wondering if they can just blindly throw their funds in... I usually hold back my excitement first. To be honest, APY doesn't come out of nowhere; behind it, either the contract layer is layered upon layers, or the counterparty is helping you "generate" returns: who is borrowing in lending, whether the liquidation mechanism is reliable, whether the strategy is looping around in other pools, even if on-chain it looks very stable, it might just be calm on the surface.

These days, everyone is talking about interest rate cut expectations, the US dollar index, and the logic of risk assets rising and falling together. Listening to that makes me even more cautious: when macro conditions turn, liquidity tightens, the first things to go wrong in aggregators are often not prices, but redemptions and slippage, especially when strategies involve leverage. Anyway, I now prefer to earn a bit less, first understand the contract permissions, fund flow, and whether I can exit in the worst case in time, otherwise if I really lose money, I can only blame my own greed.