These past two days, I’ve been looking at the APYs of a few yield aggregators again. The numbers look pretty good, but let’s be blunt: what you’re buying isn’t just a “strategy”—it’s also a whole string of contract permissions plus a bunch of counterparties. Last week, I checked the workflow: the money goes into the vault first, then gets transferred to external protocols; in the meantime, you have to rely on keepers/routers to rebalance positions and reinvest. If anything goes wrong in any link, it isn’t something that volatility can explain… and once subsidies stop, the APY drops straight down—more painful than impermanent loss.

Now, between L2s, they argue about TPS, fees, and ecosystem subsidies every day. I just can’t help but laugh: subsidies can pile the numbers up, but when migrating liquidity, what’s actually left behind—users, or just yield farmers? Anyway, I care more about three things right now: can the contract be upgraded, where exactly do the assets end up, and if you run into extreme situations, can you withdraw. Slow is fine—at least then I can sleep.