Recently, I came across a bunch of APYs from yield aggregators. The numbers look pretty good, but my first reaction isn't "go for it," but rather, where exactly is this money being sent—what contracts is it interacting with, and who is on the other side of the trade? To put it simply, APY is just the result; the process might involve stacking multiple strategies, crossing several chains, and even borrowing some leverage... If any one of these steps gets stuck, the drawdown can come back much faster than the gains.

Airdrop season also makes people pretty exhausted. Task platforms are becoming increasingly strict with anti-witchcraft measures, and the points system makes yield farmers compete like they’re at work. In the end, everyone disperses their funds into a bunch of new contracts just for that little bit of "extra yield," which actually dilutes the risk into something "invisible." If I hadn’t been dazzled by high APYs back then, and had taken a closer look at where the funds actually landed, the exit routes, and liquidation logic, I might have avoided a few pitfalls. Anyway, I now prefer earning a bit less, as being able to withdraw is the most important thing.