Lately I've been looking at the APYs of a few yield aggregators again, the numbers on the page look pretty good, but honestly, that's not "interest earned out of thin air," behind the scenes there's a series of contracts helping you move assets: where the money goes first, which pools it passes through, whether you're collateralized, who the borrower is, how tight the liquidation threshold is... Sometimes the aggregator even layers a strategy contract on top, turning the risk from "single protocol" into "stacked layers," and issues might not be immediately obvious.

Not to mention counterparty risk: some yields come from lending demand, some from token incentives, some rely on market-making spreads. When market conditions change or incentives stop, the APY instantly changes face. I recently heard that a certain region is increasing taxes and tightening regulations, and the most discussed concern in the group isn't whether the interest rates are high, but whether "withdrawals and deposits will get stuck." Once this sentiment arises, you can see the flow of on-chain funds becoming more cautious.

Anyway, when I look at aggregators now, I first trace the contracts and fund paths, then check trading volume and volatility structures. Otherwise, high APYs just make my heartbeat faster... Which step do you consider a hard threshold?