I started recording what’s really going on behind each “looks very attractive” APY in yield aggregators: which vault the money went into, which contracts were called, who issued the rewards, and whether there’s an additional layer of lending/derivatives involved. To put it simply, APY is just the result; the process is the real source of risk… especially when sometimes the counterparty isn’t the “protocol,” but something temporarily assembled within a strategy, making it hard to react quickly if something goes wrong. Recently, on the L2 side, everyone’s arguing daily about TPS and fees, or which ecosystem subsidies are more aggressive. I care more about: if subsidies stop, does the strategy immediately change face? Keeping a record has made my mindset more stable; at least I know exactly which part of the money I’m earning.