Recently, I’ve been checking out the yield aggregator pages. The APY looks pretty attractive, but let’s be honest: it’s basically a stack of contracts assembled to “shuttle/transport” your yield for you. The more layers there are, the more counterparty risk and permission-related risk you accumulate along the way. Some pools even borrow, do market making, and then re-collateralize. When drawdowns happen fast, you might think it’s just market movement—but it could be that some step got stuck, or a liquidation was triggered, or a contract upgrade nudged a parameter… At this point, I mainly pay attention to two things: exactly which protocols the money is being routed to, and whether the admin keys can change the rules with a single click. By the way, hardware wallets have been out of stock lately, and phishing links are being circulated at a high rate. In times like this, it’s better not to cut corners by going in through an unknown “aggregator entrance.” A slightly lower yield is fine—at least you can sleep soundly.