Lately, I've been a bit tempted by the APY on yield aggregators again, but just thinking about the fact that it's actually a two-layered buff of "contracts + counterparties" makes me hesitant. To put it simply, you might not be earning interest; you're just taking on tail risk for a bunch of strategies... Especially those that you just deposit into with one click—if something goes wrong, you have no idea how many times your money has been rerouted.

I just casually looked up a vault on the blockchain; funds first go into the strategy contract, then are transferred to several pools. The address 0x9f…c3b is still frequently approving/transferring, which made my scalp tingle: not that it necessarily has a problem, but complexity itself is a risk.

Airdrop season is also pretty funny. The task platforms are becoming more and more strict with anti-witchcraft measures, and the points system makes farming feel like clocking in at work. In the end, to get more points, people take on various high-APY opportunities, exposing their principal to even more fragile contracts... I now prefer to earn a little less, first understand the contract permissions, upgradeability, and fund flow clearly, and take it slow.