Actually, everyone understands that the APY on yield aggregators looks attractive, but behind it is a string of smart contracts plus a bunch of unseen counterparties providing "ingredients" for you. Last night, I casually ran a route on a low-fee chain and found that the source of yield loops twice: first throwing tokens into a lending pool, then doing a cycle. The contract permissions are still upgradeable, so basically you're not earning "interest," but taking on the volatility and liquidation risk of others' positions... The slippage isn't large, but the depth is thin, so exiting can be a bit uncomfortable. Thinking about recent blockchain games with inflation + studios + coin price spiral crashes, the logic is quite similar: the yield looks stable, but when supply accelerates, everyone starts to compete and undermine each other. Anyway, I now prefer to accept a lower APY and first clarify the contract permissions and fund flow before making a move.