Recently, I saw a bunch of yield aggregators offering quite high APYs. Frankly, my first reaction isn't "Wow, making money," but rather "Where exactly does this yield come from?"

Many times, you think you're just lying in a pool, but in reality, there might be several layers of contracts behind it, plus a combination of lending, market making, or re-staking. If any part of that chain has an issue, the blame won't just be on "market fluctuations."

And about counterparties—aggregators aren't necessarily purely on-chain automated. Some strategies rely on a team to maintain and rebalance, and they even have quite a bit of authority... After experiencing once the loss from "unauthorized access not being revoked," now I get a bit itchy when I see those one-click all-in-one entry points and want to check permissions first.

Lately, the main public chain is about to upgrade, and everyone in the group is guessing whether ecosystem projects will migrate. I think whether they migrate or not is one thing; it's more practical not to mess with your positions before and after the upgrade, especially when crossing chains and gas fees get overwhelming. If you don't earn the yield, you might end up paying the costs first.
Anyway, I now have only one principle: if I don't understand where the money comes from, I treat it as if it doesn't belong to me.