Recently, I checked out a few more yield aggregators, and the APY looked pretty attractive.

Clicking in, layer after layer of contract nesting, I started to feel uneasy: who actually holds the money, and who do you hold accountable if something goes wrong?
Honestly, that's more important than the interest rate.
I used to chase those "auto-compounding" strategies too, but then a lending pool suddenly changed parameters + a liquidation squeeze, and before I even got a chance to enjoy the returns, I paid the tuition...
Looking back, the risk isn't about whether it's on-chain or off-chain, but whether the counterparty is stable, whether the contract has backdoors, and whether you can withdraw in time.
By the way, I want to vent about the recent public opinion that rigidly links ETF capital flows with US stock market risk appetite—it's giving me a headache.
No matter how good the bullish or bearish narrative, if the contract blows up, it's all pointless.
Anyway, now I prioritize checking permissions, dependencies, and exit paths when choosing aggregators; APY is just the last thing I look at.