It’s very stuffy today—after stepping out for just a couple of steps I already want to go back, and the coffee sitting on the table has cooled too… I took a casual look at the “high APY” of a few yield aggregators, and honestly it’s not really all about returns. More often it’s about how the contracts get worked around and who’s actually taking the bag from the other side. A lot of brand-new L1/L2 projects make the TVL look pretty great as soon as the incentives drop, but seasoned users complain that it’s basically “mining, selling, and dumping,” and they’re not entirely wrong: you think you’re eating the interest, but in reality you’re eating the subsidies + price volatility + that whole chain of permissions embedded in the strategy. Recently, when I evaluate projects, I don’t look at the numbers first—I check the contract permissions and whether it’s upgradeable, where the strategy funds went, and whether the rewards can be stopped at any time. Only once the clues line up do I dare to put in even a little—anyway, I don’t want to be the last person in the screenshots.