These days, I keep seeing a bunch of yield aggregators boasting about "impressive annualized returns." I instinctively check the contracts and who the money is actually loaned to. Honestly, you're not getting a "sky-high APY"; often, the risk is packaged more covertly: Can permissions be upgraded, does the strategy send your funds to opaque market-making/lending pools, who covers the liquidation/liability, and if the counterparty gets into trouble, you can only rely on announcements.

Recently, the testnet incentives and points expectations are the same; everyone is betting on whether the mainnet will issue tokens. As a result, when strategies change and rules shift, the APY is directly replaced with "market sentiment volatility." Forget it, to put it plainly: high returns are not a sin, but don’t just focus on the numbers. At least understand the contract permissions, fund flow, and exit paths—otherwise, it’s just like earning fees in a perpetual contract and ending up being educated by liquidation thresholds.