Recently, I keep running into a bunch of yield aggregators saying, “Annualized returns look so delicious.” My first reaction wasn’t excitement—it was to go digging into where they actually stash the money… Plainly put, APY is just a surface-level number; behind it, there could be a whole chain of contracts assembled like building blocks, with counterparty risks tacked on—things like bridges, lending, market making, and the like. If any link goes a little sideways, you can end up falling into the same pit together.

Also, lately Meme coins and celebrity call-outs have kicked off another round of attention-shifting. Newcomers are easy to get swept up by the “everyone’s rushing in” momentum, and whoever takes the baton at the end is often the group that’s most desperate to get back what they’ve lost… So I’ve set myself a pretty down-to-earth rule: when I see high yields, I close the page first, go drink some water, and come back after half an hour; if that still doesn’t help, I’ll only put in an amount I can “sleep soundly with.” I’d rather earn a little less V—than turn drawdowns into a “vitamin C deficiency.”