Recently, I've come across a bunch of screenshots of high APYs from yield aggregators. To put it simply, APY is just a "result display." What's really behind it— which pools the money is put into, whether the contracts can be upgraded, who holds the permissions, who covers liquidations/bad debts— ignoring these is like driving blindfolded. Many aggregators are actually "multi-layer counterparty stacking games": you think you're earning interest, but in reality, you're betting on a strategy contract + a lending pool + a price feed/oracle all not to malfunction.

The wave of AI agents and automated trading also feels similar... The more hype they generate, the more I want to see how they sign transactions, how they limit permissions, whether they can be stopped promptly if they fail— don’t turn into “automatically interacting with your wallet until it’s empty.” I personally trust data more. It’s not that I’m cold-blooded; at least data can lay out permissions, fund flows, and risk points clearly. Intuition can only warn me “something’s off,” but it’s not enough to act on. Anyway, when I see “automation + high yield,” my first reaction is to check the contract permissions and the source of the strategy— better to take it slow.