These days, I keep seeing a bunch of yield aggregators boasting "annualized returns that look pretty attractive," but my first reaction isn't to click in, but to think: who is actually paying that APY... Honestly, a lot of it isn't "returns," but incentives, rebates, or even borrowed liquidity stuffed into the contract to keep it afloat.

Layer after layer of aggregators, you might think you're just making a deposit, but you're also exposing yourself to counterparty risk: which route are you taking, can the underlying pools be withdrawn at any time, will you get stuck in extreme market conditions—all of this depends on whether the contract is well-behaved or not.
Airdrop season also heavily influences judgment; points + task platforms are made to feel like clocking in at work, and when anti-witch measures tighten, everyone prefers to chase "high APY quick passes," but the more you chase, the easier it is to fall into phishing traps.
Anyway, I stick to my usual approach: first, put in a little to test the waters, and only add more if I can smoothly withdraw for two rounds, and only feel comfortable if I can turn off the app before bed without worries.