Recently, I’ve seen several yield aggregators write APY as if they’ve been injected with adrenaline. My first reaction isn’t excitement, but to check which contracts they’ve put the money into and who’s backing them. Honestly, the “收益” (returns) you earn are often subsidized by incentives from new L1/L2s, which attract TVL. It’s not surprising that old users complain about “挖提卖” (mining, selling): once the subsidies stop, the cash flow reveals the truth.

The routine I use for daily reconciliation is to look at two things first: who holds the contract permissions (can they change strategies, can they pause), and who the counterparty is (whose pool is it, who’s it lent to, who bears the risk if something goes wrong). Once I saw a strategy that was layered three or four times, even mixed with an upgradeable proxy, and I was already reaching for the “exit” button… But I held back, first cutting the position in half, and kept the rest as a tuition fee to observe. Anyway, I’d rather earn less than wake up in the middle of the night to patch a hole.