When I see the APY on the yield aggregator page right now, my first reaction isn't "Wow, that's attractive," but rather "Whose pocket is this money coming out of?" Basically, behind it is just a bunch of contract nesting + counterparty promises, and if any link has a problem, it turns into "Yield aggregator → Loss aggregator." Recently, new L1/L2s have started offering incentives to pull TVL, and I genuinely resonate with old users criticizing the hype and selling: you think you're earning interest, but you're actually just taking liquidity after someone else dumps their position.

I used to always say "I only look at on-chain data," thinking that watching fund inflows and outflows made me safe, but as soon as the numbers grew, I’d get nervous and fall into FOMO… Now I’ve changed: I look at on-chain data, but I also pay more attention to who wrote the contracts, whether permissions are in place, and whether the yield is purely from subsidies. Just start with this, and slowly curb impulsiveness.