Over the past few days, I've been looking at the yield aggregator pages, and the APY looks pretty attractive at first glance, but now I'm more interested in how many layers of contracts are stacked behind it and who the money is being lent to. To put it simply, the returns don't come out of nowhere: either through incentives, interest rate spreads, or by throwing you into a pool that's even harder to understand, and if something goes wrong, you might be the first to get stuck. Recently, I've been discussing the expectations of interest rate cuts and the narrative that the US dollar index rises and falls together with risk assets. I actually prefer to consider risk as part of the "rise and fall together" scenario: when macro conditions tighten, the counterparties on the chain are the first to reveal themselves. Watching these protocols for too long makes my eyes a bit sore, and my neck stiffens... Tonight, I’ll just trim my positions; earning a little less is okay, at least I can sleep more peacefully.