Every time I see yield aggregators advertise APY as if it’s free money, I get the urge to click in. It’s not greed, it’s that detective instinct of “Where exactly are they siphoning this from?” To put it simply, I’m more afraid of not the complex strategies, but the layers of contracts and counterparties behind them: Is there an extra layer in the middle? Who holds the permission keys? When something goes wrong, is it on-chain liquidation or human communication? High APY is often not “smarter,” but “more dependent on others not to fail.”

Recently, modular and DAO layer narrative developers are having a blast, while users are completely confused. I’m pretty much the same: the newer the narrative, the more complex the composition, and ultimately the more dispersed the responsibility. Anyway, when I look at aggregators now, I first check the team and permission design, then see where the money actually ends up in which pool. Otherwise, I might as well be writing IOUs to unknown counterparties.