Recently, I saw a bunch of screenshots of APY from yield aggregators again, the numbers look pretty tempting, but I’ll pause for now: who is actually brewing this tea? Frankly, behind the APY, it’s often not “protocol automatically growing money,” but a series of contracts jumping around, plus some counterparty covering the risk (or not covering it). If the contract gets upgraded, permissions are too centralized, or the underlying pools go haywire, even the smartest aggregator can’t save it.

Some people also complain about miners/validators extracting MEV and unfair ordering, which I can understand… what you see on the front end is one transaction, but on-chain it might have been front-run and re-ordered several times. Anyway, my own approach is pretty simple: I prefer lower APY, choosing shorter paths, cleaner permissions, and spreading out positions, taking it slow. Don’t rush to drink it when it’s hot.