I just came across an APY from a yield aggregator, the numbers look pretty impressive, but my first reaction isn't "go for it," but rather: who is actually losing money to pay you? Frankly, the aggregator itself is probably just a layer of routing, the real risks are in the contracts and counterparties below: whether the lending pools have bad debts, if the market-making strategies will cause slippage explosions, whether cross-chain bridges are held together with tape... if one of these links fails someday, even a high APY is just a screenshot. Recently, there's been talk of increased taxes and tighter or relaxed regulations in certain regions, causing deposit and withdrawal expectations to shift. The first to panic are these "short-term" funds; as TVL withdraws, yields collapse too, and those who stay are often the ones who can't escape. Anyway, now when I look at APY, I first check the contracts and the source of funds. If I can understand it, I’ll consider it; if I can't, I just pretend I didn't see it.