I just translated an APY for a yield aggregator, and the numbers looked pretty good. I almost clicked to jump in… But after taking a closer look at the contract call paths, I realized: what you're getting isn't "yield," but a bundle of counterparty risks including permissions, upgrade pathways, and external pool counterparties. Especially those that can change strategies or routes at any time—technically called flexibility, but from a user perspective, it’s like “I don’t even know where the next step will go.”

Recently, everyone’s been complaining about validator income, MEV, and fair ordering. Basically, you think you're earning yield, but you're actually competing with those closer to the ordering process for leftovers. Anyway, my current habit is: first check who ultimately owns the contract where the money goes, who can change parameters, and who can pause it, then decide whether to pay the tuition fee for that small APY… Today, I got a bit scared, so I’ll leave it at that.