Recently, I've been analyzing data from several yield aggregators again. The APY looks quite attractive, but honestly, it's just a series of contracts moving money around: which route to take, who manages the underlying pools, and who bears responsibility if something goes wrong... all of this is written so casually on the page. Especially when new L1/L2 incentives are launched and TVL skyrockets, the comment section starts arguing about "mining and selling." What I actually want to see more of is: who ends up with the final pile of money, and how thick is the counterparty risk of that intermediate "aggregation" layer. Someone even mocked me for "drawing diagrams just to look at yields," and I can't really explain—anyway, a single loss is enough to remember for a lifetime.