Recently, I saw a bunch of screenshots of yield aggregators again, with APYs written as if they were free... To be honest, what you're getting is not "yield," but a packaged deal of "contract risk + counterparty risk." It might put your money into several layers of pools, and if any layer's contract fails, the oracle malfunctions, or permissions aren't locked down, ultimately you're the one paying the price. Not to mention some even involve lending cycles, and when the market jitters, it triggers chain liquidations, causing APY to instantly turn into AP... bye.

And some people insist that ETF capital flows = crypto prices must rise, using the risk appetite of the US stock market as a universal explanation whenever it changes... I find that exhausting. Macro factors certainly influence sentiment, but when you put money into contracts, what truly determines whether you can sleep peacefully are the code and permissions, not the emotional curves on Twitter.

My current principle is: if you don't understand where the money is going or how it's coming back, just assume it will disappear; earn as little as possible, don't risk your life for that annualized rate. I may be stubborn, but I really don't want to see everyone being educated by "high APY." That's all for now.