Recently, someone showed me a screenshot of the APY from a yield aggregator and asked if they could invest, to be honest, behind that string of numbers are several layers of contracts helping you arbitrage: one layer is the aggregator itself, another is the underlying pools/lending, and below that there might be reward token swaps, staking, and other transfers. You think you're earning interest, but you're also simultaneously betting on counterparties avoiding tricks, contracts having no vulnerabilities, permissions not being misused, oracles not acting up... If any layer makes a noise, the yield turns into noise. Recently, the community has been arguing about privacy coins, coin mixing, and compliance boundaries. I find it quite divided, but when it comes to choosing pools, it's actually more straightforward: once a counterparty gets involved in the gray area, risk control is not "possible," but "inevitable to be priced in." I now prefer slightly lower yields if I can see clearly who is making the promise, what collateral is used, and who will cover the losses if something goes wrong, so it doesn't feel so jarring.