Recently, I saw yield aggregators advertising APY as brightly as posters, and honestly my first reaction now isn't "how much can I earn," but "which contracts is the money actually going into, and who is bearing the counterparty risk for me." I thought they were just helping you auto-compound to save gas, but after checking the routing, I found that underneath there are layered lending and derivatives positions, and during extreme volatility, liquidations or withdrawal suspensions are things I've seen before.

Modularization and the DeFi layer developers are definitely excited, and it's normal for users to be confused... but for someone like me who's dealt with small pools, the more "modular" it gets, the easier it is for responsibilities to be fragmented: the frontend says it's not their fault, the strategy blames protocol risk, and the underlying layer says it's all according to the rules. Anyway, right now I only use aggregators for two things: checking permissions (can I freely change strategies or transfer funds), and checking exit paths (is emergency redemption just a one-line process). Returns can be slower; just don't pretend that impermanent loss and counterparty risk are stable yields.