Recently, someone asked me about the APY of yield aggregators again. It looks pretty attractive, but my first reaction now is not "go for it," but to check who they are actually trading with: which vault the money goes into, which pools the underlying assets are sent to, whether the contract has permissions to change routing or collect fees at will, whether the authorization is unlimited... Without looking at these details, even a high APY is like a blind box.

In the past, I would focus on the numbers and think "as long as it runs fast"; now I care more about who the counterparties are and whether the exit channels are smooth. Especially recently, with testnet incentives and point expectations being hotly speculated, and everyone guessing whether the mainnet will issue tokens, many projects are packaging their yields to look better. Anyway, I have only one sentence: yield is superficial; the contract and permissions are the evidence.