Lately I’ve been looking at a few yield aggregators again—the APY shown on the interface is pretty tempting—but every time I see “annualized,” I can’t help thinking: who exactly is helping me earn? How do the contracts work, where does the money ultimately land in which pool, and if something goes wrong, who steps in to cover it? To put it simply, APY is just packaging—behind it is either contract risk, counterparty risk, or even both.

Am I overthinking this?
Maybe. But last time, I was taught a lesson after “being too lazy to look at the details”…

Now I’m seeing waves of incentives on various testnets and expectations of points coming one after another. In the group chats, people are constantly guessing whether the mainnet will issue tokens, and once emotions get going, it’s even easier to overlook the risks. Anyway, my dumb little method is: first, check whether the money has been transferred to addresses I can’t make sense of, and whether there are multi-signature/permissions that can change strategies freely. As for the rest… keep less in—just to buy some peace of mind. I’ll do it like that for now.