I’ve recently been looking at yield aggregators again. On the surface, a string of APYs looks pretty tempting, but the truth is that it’s basically a pile of contracts shuffling money back and forth—while your counterparty stack is mixed in too: who’s borrowing, who’s market-making, and who’s standing by as the backstop. If you don’t really understand what’s going on, it’s almost the same as handing your wallet over to a “friend who knows how to manage money”… And since the contracts are layered on top of one another, when something goes wrong, you don’t even know who you should blame. Last night I saw the funding rate pushed to an extreme again, and in the group chat people were arguing whether to reverse course or keep squeezing the bubble. My first reaction wasn’t about direction—it was: at times like this, are these aggregators also chasing high funding rates? The faster they run, the more painful the on-chain transaction fees get. Anyway, it’s my old habit: I’ll do a bit of extra studying/research within the hour before voting, and first slow/hold back the money.