Recently, I’ve seen a bunch of yield aggregators claiming APYs that make it seem like you’re not paying anything. I usually don’t look at the numbers first; I click into the contract and examine the fund flow: which pool the money is actually put into, who has the permissions, whether it can be upgraded at will, and if liquidation and redemption require queuing. To put it simply, APY is just surface-level; behind it are actually contract risks and counterparty risks, sometimes even layered with cross-chain bridges. The more complex the structure, the more “reasonable” it is for something to go wrong.

These days, Meme coins and celebrity endorsements are causing another round of attention shifts. I agree with veteran players advising newcomers not to take the last step. The same logic applies: you think you’re earning yield or riding a wave, but in reality, you’re bearing tail risks for others. Anyway, I now prefer to earn less but choose projects that are transparent, have restricted permissions, and clear exit mechanisms. It’s okay if the cat takes its time to leave.