Recently, I’ve seen a bunch of yield aggregators write APY as eye-catching as supermarket discount signs, with the line below "Strategy Explanation" so tiny it’s like hiding debt. Honestly, what you’re buying isn’t “yield,” but contract permissions + liquidation paths + a string of counterparties you’ve never seen before, and any mishap can teach you what it means to be irreversible on the spot. People still like to compare RWA, US bond yields, and on-chain yield products, sounding quite rational, but in reality, many on-chain “treasury-like” products only stay on posters: how are the underlying custody, redemption, and default handled? No one’s willing to spell out the ugly truths. Thinking about it later, it’s pretty funny—I myself can be fooled by that big APY headline. Anyway, I’d rather earn less now than overlook contract permissions, fund flow directions, and who can pause/upgrade, because if something really goes wrong, customer service will just reply with “Acknowledged.”