In the past two days, I’ve seen a bunch of yield aggregators pushing high APYs again, selling it like it’s basically free money… but the truth is, APY is just the outcome. What matters is how the contract is written, where the money is actually transferred to, and who you’re ultimately taking positions against. A lot of the time, “aggregation” is just stringing together multiple risks: who you authorize, which pools the funds are routed through, whether there are upgrade permissions, and whether you can exit smoothly during a bank run / a withdrawal rush / a liquidity crunch. The macro side is also pretty noisy—ETF capital flows plus U.S. stock risk appetite get used to explain every move up and down—but on-chain, what I care about more is this: once sentiment turns, will all that liquidity inside the aggregators instantly pull out in the same direction? Anyway, when I see outrageous yields now, I’m going to glance at the contract permissions and the exit paths first. No pretending—and I wouldn’t dare to pretend.