Recently, I came across a bunch of APYs from yield aggregators again, and they look pretty tempting, but my first reaction now isn't "go for it," but rather to check which contracts the money is being put into and who is helping you "generate yield." To put it simply, APY is just the surface layer of sugar; inside, it could be leverage, it could be lending and re-circulation, or it could be subsidies from counterparties. If it stops, everything collapses.

These days, the staking and shared security setups are also being criticized as "nested," and I can actually understand the controversy: stacking yields sounds smooth, but the risks are also layered, and any problem at one level could wipe everything out. Anyway, I prefer to earn less and know what risks I’m taking; when things heat up, I step back, sit down slowly, and enjoy my tea.

I still believe that truly cyclical-proof yields ultimately rely on transparency and the ability to exit, not on stacking more and more numbers.