Recently, I’ve been looking at a few yield aggregators again. That APY on the page is really good at flattering people—but to be blunt, what you’re getting isn’t “yield.” It’s contract layers stacked on top of contract layers, plus a whole bunch of shadowy counterparties. Where is your money being sent? Who is it authorized to? What strategies are being used to move it around? Many people don’t even look at any of that at all—and only after something goes wrong do they remember, “Oh, I just clicked confirm.”

And now, everyone is testing the testnet incentives and chasing expectations for points every day, so they’re more likely to get carried away, speculating about whether the mainnet will actually issue tokens. In any case, my approach is: first, tighten up permissions; don’t go all-in on your positions. Even if the returns are higher, don’t treat them like risk-free interest. When things really go wrong, no one is going to see you as a savior.