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Recently, someone sent me a link to a yield aggregator, saying that the APY looks pretty attractive.
My first reaction to seeing a big number now isn't excitement, but rather opening the contract address and taking a second look:
Who exactly is the money going into, is there a middleman contract, are the permissions still modifiable with a single click...
In other words, APY is just a storefront sign; inside, it's a game of contracts plus counterparties stacking on top of each other.
What's even more annoying is that some on-chain data tools and tagging systems are quite laggy, and can even be "guided" by project teams.
What looks like decentralization actually points to the same set of addresses.
Anyway, I have my old habit: take a screenshot first, so if something really happens someday, I at least know how I got in.
I've paid my tuition in gas fees already, so don't let others use me as free liquidity again.