Recently, someone sent me a screenshot of the yield aggregator, and the APY looks quite attractive, but I always have a thought in my mind first: who is actually doing the “brick moving” for me, who holds the contract permissions, and if the counterparty suddenly runs out of funds, am I just taking the fall? To put it simply, the returns are not coming out of nowhere; often, it’s just that the risk is folded away so you don’t see it.

These days, some regions are imposing taxes again, and compliance is tightening then loosening again. As deposit and withdrawal expectations change, everyone’s mentality shifts like the tide. On the blockchain, this is even more obvious: some positions are being withdrawn instantly, and the liquidity left in the pool suddenly becomes thin. Meanwhile, the aggregator is still pushing high APYs, which makes me even more cautious.

I need to be reminded: don’t just focus on the numbers, first check if the contract is upgradeable, who has emergency permissions, whether the yield is supported by a single counterparty… Anyway, I’d rather go slow, stay a bit like a diver observing more before diving in.