Recently, I’ve seen a bunch of yield aggregators displaying APY figures that look like posters, the bigger the number, the more it seems like they’re urging you not to think too much. To put it simply, APY is just the superficial layer of sugar; behind the scenes, it’s about which contract is arbitraging, whose pool the money is flowing into, and who will cover losses in extreme market conditions—that’s the real counterparty. Especially those “auto-compounding” and “smart strategy” descriptions that are just a paragraph long, but the permissions are still controlled by a multi-signature wallet—that kind of thing makes me a bit uncomfortable.

I treat complexity as an enemy: only if someone can explain the fund flow in one sentence am I willing to keep reading; if not, I just give up. Recently, social mining and fan tokens are the same—shouting “attention is mining” is quite popular, but whether the attention actually results in consensus or selling pressure… I don’t know either. Anyway, I trust on-chain execution more; I first look at how the contract is written and how the money flows before deciding whether to get involved.