Recently, I’ve seen a bunch of yield aggregators advertise APYs as if they’re almost free, but honestly my first reaction isn’t “how much can I earn,” it’s “where does this yield come from, who’s footing the bill.” On the contract side, I wonder if the strategy is layered one on top of another, if there’s an admin who can change parameters at any time, or if in extreme market conditions it might get stuck in a pool and can’t exit; on the counterparty side, it’s more realistic—many “stable yields” are actually driven by lending demand, market-making subsidies, or even other projects buying your TVL. Once the hype dies down, it’s just an empty shell.

By the way, looking at social mining and fan tokens with the “attention is mining” approach, I have some doubts: attention is indeed valuable, but it’s more like a fundraising channel for the project team, not your balance sheet. Anyway, when I check APY now, I first look at which risks the protocol is taking on, what kind of notes I’m actually holding—don’t end up earning numbers while losing the right to exit.