Now looking at the APY of yield aggregators, I basically just take a "whiff" of the "aroma," if I really want to get involved, I’ll first check which contracts the money is being sent to and whether there’s an intermediary layer. To put it simply, APY isn’t given for free: it could be strategies wildly swapping positions to earn subsidies, or you might be silently taking on counterparty risks of liquidations/bad debts/black swan events for others. Once a contract has a small bug, the bitterness can be worse than an iced American.

Recently, I saw some news about certain places tightening taxes and compliance, causing deposit and withdrawal expectations to shift. When emotions are easily "ramped up then deflated," high APY becomes more like an emotional amplifier. My own approach is pretty simple: only try a small amount if I can understand the fund flow, and for long-term locked positions with large permissions and casual upgrades—forget it… I’d rather earn less, at least I can sleep well.