On my commute, I checked a few yield aggregator APYs and started doubting life again: these numbers look like a thermometer, when it rises, a bunch of people gather around, when it drops, they disperse. Basically, behind APY there are two layers: how the contract is written (permissions, upgrades, whose vault the assets actually go into), and who the counterparty is (lending pools, market-making strategies, even cross-chain segments). Now I usually make a small table before checking yields: how many hops the fund path has, whether key contracts can be paused or replaced, who takes the blame if something goes wrong… otherwise, that tiny interest earned might just be working for “invisible credit.” Recently, retail investors complain about validators/miners extracting MEV and unfair ordering, and I agree: you think you're mining APY, but actually someone else is just siphoning off some edge profits along the way. Anyway, I only try with a small position, putting “can I get my money back” first.