Recently, I've been feeling a bit more calm about yield aggregators; those APY numbers basically mean your money is being shuffled back and forth across several contracts: lending, market making, re-collateralization, and so on. The paths are becoming more and more maze-like. On the surface, it's "auto-compounding," but behind the scenes, there's actually contract risk plus counterparty risk (some of which isn't even transparent on-chain). When something goes wrong, you have no idea which link in the chain broke first.

By the way, now everyone is talking about modularity and the DAO layer narrative. Developers are excited as hell, while users are completely confused... I'm also that confused. Anyway, right now I'd rather earn a little less than put my money somewhere I can understand. I can still have fun with my avatar, but if a contract explodes, I definitely won't be laughing anymore.