This morning, I was stuck in traffic so bad I doubted my life, and my coffee had gone cold. I casually glanced at a few yield aggregator pages, and the APY string of numbers looked quite tempting, but honestly, that's not "interest." It’s more like packaging a bunch of contracts, routes, lending pools, and even a market-making counterparty for you to see.

You think it’s easy money, but actually it’s just swapping risk for a more attractive skin: whether the contract has vulnerabilities, if the strategy has been exploited, if the underlying pool’s liquidity gets drained instantly, who’s responsible for liquidation/ de-pegging... all of that isn’t written in that APY string.
Recently, NFT royalties have been a hot topic; creators want income, the market wants liquidity, and in the end, it all comes down to “who bears the friction costs.” Yield aggregators are the same: where does the yield come from, who pays the price, who runs first when things go wrong. If you don’t understand these three questions, I’d rather earn less and sleep better.