Recently, I’ve been looking at yield aggregators again, and when I see pools with “APY looks really attractive,” my first reaction isn’t happiness, but rather to check: which contract the money actually went into, who’s on the other side borrowing, and whether the liquidation mechanism is reliable. To put it simply, yields don’t come out of nowhere; most likely, you’re taking on some risk for others, just packaged more smoothly.

These days, Layer 2 is still arguing over TPS, fees, and subsidies, making a fuss like a marketplace… I care more about those few steps of crossing back and forth—who’s responsible if the bridge or the contract has issues. A few days ago, I really considered just quitting and uninstalling a certain aggregator to be done with it, for peace of mind, but then I thought about how I originally just “snacked” on small packages slowly, with small, diversified positions—being able to survive longer is better than anything. Anyway, when I see those ridiculously high numbers, I just pretend I didn’t see them.