Let me tell you, recently I've come across a bunch of yield aggregator APYs, and I really feel a bit tempted but also a little nervous... The numbers look very attractive, but honestly, what kind of contracts are really helping you "arbitrage" behind the scenes? Who exactly is the funds being handed over to? Many pages just skim over this. Aggregators are not risk-free; they are more like stacking several layers of counterparties: the underlying pools, routing, strategy contracts, plus some management permissions. If any layer has an issue, you'll be the one to get hit.

The modular approach and the DeFi layer narrative have developers excited lately, but ordinary users are really confused: the more the chain is broken down, the more dispersed the risks... Anyway, when I see high APYs now, I first check the contract permissions and fund flow. I'd rather earn less and sleep better. For now, let's wait for the market sentiment to warm up again.