Recently, I've come across a bunch of high APYs from yield aggregators again. Honestly, my first reaction isn't "go for it," but rather "where exactly is this yield coming from"... Essentially, aggregators are like putting your money into a series of contracts and strategies to grow, superficially it looks like you're earning interest, but behind the scenes, you're dealing with contract risks, liquidation risks, and whether the counterparty might suddenly go bankrupt.

In the group, there have been repeated rumors about stablecoin regulation, reserve audits, and de-pegging over the past couple of days. When everyone's emotions tighten, they want to find "higher yields" to ease their nerves. But the more anxious they get, the easier they are to be led by shiny numbers. Anyway, I now look at APY first for permissions/upgradability and fund flow; I prefer less but can sleep peacefully.

As for "long-term"... for someone like me who tends to ramble, long-term is probably about a quarter. If I can survive three narrative reversals without losing my principal, then I consider it a win.