Recently, someone has sent me a link to a yield aggregator again, saying the APY looks pretty attractive. When I see APY, I first ask one question: is this yield “calculated” inside the contract, or “provided” by the counterparty? Put simply, an aggregator is often just routing your money through a few hands—the bet is that a certain pool won’t run into trouble, that a certain market maker/lender won’t blow up, and that the contract won’t get messed with. The more “neatly arranged” the APY looks, the more uneasy I feel…

And on top of that, there’s been talk lately about “tax hikes / tighter compliance.” Once expectations for deposits and withdrawals shift, people get more restless—because the more restless they are, the more they want to chase high yields to steady their nerves. If you really want to get on board, I suggest at least taking a quick look at the contract permissions and the direction of the funds—otherwise, if you lose money, you may not even know who you were really going up against. I’m going to keep avoiding leverage for now, and I won’t click any links before bed.