Actually, everyone understands that the APY of yield aggregators looks attractive, but behind the scenes, it's a series of contracts doing "arbitrage" for you, plus the counterparties you haven't carefully examined. Today I looked into a strategy of an aggregator and found that it's not just simple lending and borrowing; it also includes an external vault/multisig "temporary docking point." In plain terms, you're earning a premium from the complexity of the path, and you're also outsourcing trust. My current habit is: first check who ultimately owns the contract where the money goes, whether it can be upgraded, and if emergency withdrawals will be rate-limited... Otherwise, if something goes wrong, you won't even know who to blame. The same logic applies to blockchain games with inflation + studios + coin price spirals collapsing: incentive design is distorted, and no matter how high the APY is, it's just discounting the risk upfront. Anyway, I prefer to earn less, with a shorter path and cleaner permissions.