I'm not very good at calculating how those annualized returns are actually derived, but every time I see a yield aggregator offering an absurdly high APY, my first reaction isn't "go for it," but rather "who's actually paying this money"... Honestly, it's either the contract is moving funds around everywhere, or someone is acting as the counterparty, or some of it is just artificially inflated numbers driven by incentives. Contract risks are even more unthinkable—permissions, upgrades, oracles, and the chain of staking and re-staking—when something goes wrong, you simply won't have time to react.

Recently, people have been comparing RWA and U.S. Treasury yields to on-chain returns, and I think it's pretty good, at least it forces everyone to ask: is this yield "real cash flow," or is it "issuing tokens first and then telling a story"? Anyway, before I interact now, I always check the contract permissions and fund flows—if I don't understand, I hold back a bit, and when paying tuition fees, I don't go too hard.