Recently, I saw a bunch of screenshots of APYs from yield aggregators. The numbers look pretty good, but my first reaction now isn't "go for it," but rather to check which contracts the money is being sent into and who is helping you "reinvest." In other words, you're not buying a single interest rate, but a set of permissions: can the contract migrate positions at any time, are there upgrade pathways, is the yield based on real lending/trading fees or on issuing new tokens as subsidies.

What's more annoying is the counterparty side, which is often packaged as "strategy." If the underlying involves bridges, lending, or re-staking, then the risk isn't just one layer; if something goes wrong, the entire chain could malfunction together. Recently, the "yield stacking" or shared security models in re-staking have been criticized as nested traps, and I don't think that's unfair: after stacking layers, it's really hard to figure out who you're actually backing.

My current approach is simple and straightforward: try not to fully trust custodial management for positions you can manually adjust, keep your positions not too full, and when you see high APYs, ask yourself "how would it fail in a bad scenario." If you can't figure it out, just treat it as if it doesn't exist... for now.