Recently, I came across a bunch of screenshots of APYs from yield aggregators. To be honest, my first reaction wasn't excitement; I wanted to click into the contracts and see how many times the money had actually cycled... Yield aggregators look like "one-click convenience," but behind the scenes, it could be lending + staking + re-staking + layered incentives. The counterparties multiply, and if one link gets stuck, you might end up losing out.

I used to be a bit obsessive, always saying "I only look at on-chain data," believing that data wouldn't lie. Later, I realized that on-chain data is just the result; if you don't carefully review contract permissions, upgrade paths, liquidation parameters, etc., it's almost like reading emotions—somewhat mystical... Recently, the staking unlocks and token unlock schedules have been repeatedly brought up. Everyone's worried about selling pressure, and I am too, but what I fear more is forgetting who is backing the guarantee in those high APYs. Anyway, now I prefer lower APYs, shorter paths, and sleeping more peacefully.