Recently, someone asked me again, "Isn't it more profitable to just lie back and earn passively with yield aggregators since it's so convenient?"

To put it simply, APY is not just air; behind it is a series of contracts jumping around, along with counterparties: liquidation thresholds of lending pools, cross-protocol limits, plus bridges or derivatives—any malfunction in these links could drag you down.
In the group, there's a rotation of discussions about stablecoin regulation, reserve audits, and various screenshots of "de-pegging" warnings.
I'm actually more interested in first seeing: who is actually paying for these yields, and how the inability to pay could spread to other pools.
The more lively it gets, the more I stay calm; I treat simplicity as a trap.
Anyway, I now prefer to earn less but align the collateralization ratio and exit paths first, or I won't sleep soundly.