Recently, I saw a bunch of yield aggregators displaying APYs that look like posters, and I got tempted to click, but for now I prefer to think of it as "who is holding the keys." Honestly, APY isn't created out of thin air: either there's layered authorization in the contract (how much assets can it move once you sign), or the source of the yield is actually some counterparty subsidizing, market-making, or moving assets around; on-chain it looks like interest, but off-chain it might be a matter of personal favors.

Especially with those "auto-compounding + multi-pool switching" setups, if the contract permissions are poorly designed or the admin keys are compromised, you won't have time to react. Recently, the economic collapse of blockchain games was similar—inflation kicks in, studios squeeze, token prices spiral downward, and in the end, all that's left is a shell with high APY... Anyway, I now prefer lower yields, but I always check: can the contract be paused or upgraded, who has permissions, and where exactly does the yield come from? Otherwise, I just can't sleep peacefully.