Recently, I saw a bunch of yield aggregators that make APY look as bright as a poster, quite tempting, but my first reaction now is: where exactly is this yield coming from? Is the contract layered one on top of another, who holds the permissions, when something goes wrong is it the code's fault or can someone pause or change parameters... Honestly, APY is not the yield, it's the path.

Some people also compare on-chain yields with RWA, or even U.S. Treasuries, I can understand that too, after all, they’re all looking for something that appears stable. But often on-chain, what’s stable is the interface; behind the scenes, counterparties change over and over, and you simply don’t have the time to trace every time.

What I fear most is not losing money, but thinking I’m earning interest when in fact I’m betting on an invisible promise. Anyway, I’d rather go slower now, eat less, and first understand the contract and counterparties before proceeding.