Recently, I saw a bunch of yield aggregators showing impressive APYs, but my first reaction isn't "how much can I earn," but rather "where exactly is the contract pulling the money to." Behind the same interface, there might be several layers: who is authorized, which pool the funds go into, then who they are transferred to for market making/lending, in short, the counterparties and contract pathways are the core, and APY is just the final filter.

There's also the on-chain data tool's tagging system, which has recently been criticized for being outdated/misleading, and I can relate... Labels like "institutional address" or "smart money" can be turned into stories in just a couple of days, and some people even specifically game the tags to perform. Anyway, when I choose a aggregator now, I focus on three things: whether the permissions are minimized, whether the withdrawal path is smooth, and who actually holds the contract updates/admin keys. Returns can be slower; don’t wake up one day to find you've become someone else's liquidity.