Recently, I reviewed several old yield aggregator contracts again. On the surface, the APY looks quite exciting, but behind the scenes, there are really only two things: who is actually using the money to do work, and whether you are a creditor or a "contributor" when things go wrong. To put it simply, many yields are not given by the market; they are provided by counterparties — you’re not trusting the strategy, but the people and permissions.

Now I see APY as practice questions: practicing not to be led by the numbers, practicing to ask, "Where does this yield come from, and who is fulfilling it?" Just like the endless debates over NFT royalties — one side says they want to protect creators’ income, while the other side wants smoother secondary liquidity — eventually, someone has to bear the cost. Anyway, I first make sure I understand the contract permissions, withdrawal paths, and emergency switches; otherwise, no matter how high the APY is, it’s just a tempting bait.