Recently, someone showed me a screenshot of the APY from a yield aggregator and said "easy money."

Whenever I see this kind of thing now, I first become suspicious: where is the yield coming from in the contract, who is承担坏账 (bearing bad debt) for you, and whether the routing might have conveniently fed you into a trap...
In other words, APY is just packaging; inside it could be a lending pool, derivatives positions, or even a counterparty with a "buyback promise."
If you don't open the contract and read a few lines, you simply don't know whether you're earning interest or eating risk premiums.

The economic collapse of blockchain games is similar; once inflation kicks in, studios enter the scene, and the coin price spirals, so-called "high yields" instantly turn into tickets for the bagholders.
Anyway, I no longer believe that "just looking at APY can determine safety," and I’d rather earn less than blindly trust that the money is going into the right pocket.