Recently, I saw a bunch of screenshots of APYs from yield aggregators again. To put it simply, the higher the number, the more I need to ask: where does this yield come from, how does the contract transfer the money around, and who ultimately bears the risk. Often, it's not about a "clever strategy," but about handing your assets over to several layers of contracts + multiple counterparties. On-chain, it looks transparent, but the risks are actually packaged in a way that's harder to understand... Thinking about it later, it's quite laughable. People focus on the annual percentage rate to two decimal places, but when something goes wrong, they don't even know which contract the money is stuck in. Modular/DA narrative developers talk excitedly, while users are often confused—that's normal, after all, the more granular the breakdown, the more responsibilities are dispersed. Anyway, when I see high APYs now, my first reaction isn't excitement, but to check permissions, upgrades, and dependencies. That's all for now.