Recently, someone asked me again why the APY of yield aggregators is so attractive... To be honest, APY is just the cover; what really matters is what contracts are running behind, who the money is lent to, and who runs first when there's a run on the bank. Not paying attention to these can be pretty nerve-wracking. In the past, I only looked at the numbers, thinking "auto-compounding = worry-free," but I once got caught in a contract upgrade + permissions not being locked down, missing out on the gains, and my mindset just exploded. Now I pay more attention to volatility: when returns suddenly fluctuate wildly, I see it as a reminder that "counterparties are changing," and I’d rather set a line early even if it means earning less. Meanwhile, watching the NFT royalty disputes get heated, it’s pretty much the same—everyone wants liquidity and income at the same time... but when risk actually hits, who wrote the rules and whether they can be changed are the real trump cards. Anyway, I’d rather go slow now and avoid getting into fights.