Over the past two days, I’ve been looking at the APY of yield aggregators again. The numbers on the page look pretty good, but every time I can’t help clicking into the contracts and checking the fund flows. Plainly put, a lot of the “returns” you get are often financed by leverage that someone else borrowed over there, or generated by a certain strategy that got rolled out in another pool. Whether the contract can be upgraded, who holds the permissions, and who will step in if something goes wrong—those aren’t written out in big, obvious text.

Honestly, during the airdrop season, it feels like everyone shows up like they’re clocking in for work. The stricter the anti-sybil task platform is, the more people go looking for these “might as well earn while you’re at it” routes. But if the counterparty suddenly glitches, the performance curve cuts out very cleanly. Anyway, I’d rather have a lower APY now—at least I know exactly who I’m handing my money over to.