I'm not very good at macro stuff, but recently as the rate cut expectations emerged, the dollar index trembled, and risk assets started to fluctuate wildly. Watching the same rise and fall for a long time has made me quite numb... Anyway, the more emotional heat there is, the less I dare to blindly click on those "high APY" yield aggregators.

To be clear, APY doesn't fall from the sky; it's either because the contracts are constantly shifting around or because the counterparties are cushioning you. For contracts, I can at least check permissions, upgrade pathways, and fund flows; for counterparties, they might initially give you a very attractive calculation, but once liquidity is pulled out, all that's left is you being a decorative figure in the pool. They talk about art, but in practice, you still have to do the math: I’d rather earn a little less than suddenly find out I bought a "fragmented minefield." That's all for now.