These days, I see everyone using ETF fund flows and U.S. stock market risk appetite to explain crypto price movements. Honestly, I can understand that, but I care more about the other side: where on-chain leverage and "returns" actually come from. Recently, I looked into yield aggregators, and the APY looks pretty attractive, but then I realized it's not just a single protocol behind it. It might be multiple layers of contracts stacked together, with lending, market making, and even some opaque counterparties involved... To put it simply, what you're buying is a series of promises. When the market is hot, people only look at the numbers. That tiny "deformation" before the explosion is actually hidden in details like contract permissions, upgradeability, and liquidation paths. Anyway, I don't get excited about high APYs right now; I first want to see where the money is going, and who can flip that switch.