Today I looked at a few more yield aggregator pages again, the APY looks quite attractive, but my first reaction now isn't "how much can I earn," but rather "whose pocket is this yield coming from?" To put it plainly, the contract is just an automatic transfer machine; the real counterparty is that string of strategies: lending pools, market-making positions, and the shared security of re-staking... Layer after layer, being called a "pyramid scheme" lately isn't unfair.

Recently, I almost threw some money into a "yield stacking" pool, and I had authorized everything up to the last step, but then I suddenly checked the contract permissions and fund flow, and found an upgradeable entry point where the admin can also manipulate strategies. That moment really scared me: not because I might lose money, but because if something goes wrong, no one would know who to blame, and I’d just be staring blankly at the on-chain records. Anyway, I chickened out first; losing a bit less is fine, and I can sleep more peacefully.