Lately I’ve been looking at yield aggregators again—the APY shown on the page is really tempting—but for now I’m going to rein in my enthusiasm a bit: where does this yield actually come from? Is the contract really running automatic arbitrage, or are my tokens being loaned to someone else, who then goes on to do more aggressive strategies? The point is, if I don’t even know who the counterparty is, then even the prettiest numbers feel a bit untrustworthy. Especially these days, as debates over privacy coins/mixing and the compliance boundaries are tearing the community apart, I can feel even more clearly that the “invisible part” is often the real risk. Anyway, I’ve scaled my goals down: I’m not chasing the highest figures—I’m only picking options whose path I can understand, and where I can track the address and the strategy. It may be slower, but somehow I can stick with it better.