Recently, I've been looking at a few yield aggregators again, and that APY on the interface looks quite tempting, but honestly, behind it is actually a series of contracts helping you "move around." If any part of it has a problem, the loss isn't just on the interface. As for counterparties, many times it's not just you "deposit and wait for interest," but more like handing over your money to a set of rules and a group of people/robots to gamble, earning from volatility and fees, and bearing the black swan risks.

These days, isn't there always someone watching large on-chain transfers and unusual movements in exchange hot and cold wallets, calling it "smart money"? I also find myself curious enough to glance at them, but really using it as a signal to chase feels pretty exhausting... Anyway, what I care more about now is: which contract the money is actually in, who holds the permissions, and whether I can withdraw in time if something goes wrong. The strategies I can understand before sleeping are the ones I consider my strategies.