I used to focus on APY when looking at yield aggregators, thinking that higher numbers were more attractive; now I first open and check which contracts the money is actually being put into, whether the permissions are too broad, and also those that "convert to a certain note before earning interest"—the counterparties are actually hidden inside. To put it simply, yields don't come out of nowhere; the on-chain layer involves code risk, and the off-chain layer involves credit risk of people and platforms.

Recently, there have been a bunch of testnet incentives and points flying high, and the group is guessing every day whether the mainnet will issue tokens... I also get tempted, but then I think that many of these interactions ultimately lead to aggregators, and the more convoluted the path, the longer it gets. If any contract in the middle acts up, the points earned might not even cover gas fees and mental stress. Anyway, I now prefer to hold smaller positions, take it slow, and only sleep well when I understand what I’m doing.