These past two days, I’ve seen people put the APY of yield aggregators side by side with RWA—sometimes even with U.S. Treasury yield rates. I reacted a little late. My first thought was: Huh? Can you compare them like that…? Later, though, it made sense—everyone’s just trying to find something that looks “stable.”

But that “one entry, hassle-free” convenience from aggregators actually involves several layers of contracts passing assets back and forth. Some even require bridging, switching pools, and then offsetting and moving the positions out. The APY figure looks pretty light—you just tap it and it jumps. What sinks deeper instead is: whether the contracts have any traps, who holds the permissions, which liquidation or lending pools are being used, and whether if one counterparty has an issue, it will cause others to shake too. In plain terms, the risk isn’t gone—it’s just been folded up.

Now I look at this kind of product the way I look at the weather forecast: first check the wind direction (where the money is being moved), then look at the cloud cover (how dependent the system is on contracts), and only then check the “feels-like temperature” (returns). If you don’t understand it, just put in a little less. Forget it—don’t go looking for excitement for yourself before bed.