I just looked at a yield aggregator page, and the APY looks pretty attractive, but honestly, that's not "interest," more like a promise made up of a series of contracts: underlying pool yields, strategy rebalancing, layered borrowing/hedging, and finally, it depends on whether counterparties are willing to continue providing. No matter how fancy the on-chain code is, it can't hide the fact that you're handing your money to someone, and whether they can withstand a drawdown is the real issue.

Recently, a bunch of new L1/L2s have been offering incentives to attract TVL, and I can understand the old users' complaints about "mining, dumping, and selling"... Once the incentives stop, the APY drops like a free fall from high altitude, leaving only low liquidity, high slippage, and withdrawal queues. Anyway, when I look at aggregators now, I ask myself: Is this yield given by the market, or is the project subsidizing me? If it's the latter, then I might as well see it as grabbing a red envelope, keep my position small, and not mistake luck for strength.