Today I went out and got stuck in traffic, and when I got back to my desk, my coffee was already cold... I casually checked the APY of some yield aggregators, and the numbers were blazing hot. To put it simply, APY doesn't fall from the sky; mostly, you're giving your money to a series of contracts to "work hard for you," but behind that diligence, there are counterparties: who is borrowing, who is market making, who is subsidizing, and even when the subsidies will stop. Not to mention contract permissions, upgradeability, liquidation parameters—things like "the shopkeeper can change the menu at any time."

Recently, social mining and fan tokens have also been quite noisy, with claims like "attention is mining." I feel it's the same vibe as high APY: lively at first, but you need to see clearly who is ultimately footing the bill. Anyway, when I see exaggerated returns now, I first check the contracts and fund flows—understand as much as I can. If I can't understand, I hold back from impulsiveness... that's all for now.