Don't just focus on that big APY of the yield aggregator; I get nervous just watching it... Honestly, behind that string of numbers, it's not "returns," but layered smart contract nesting + promises from counterparties whose names you haven't heard. The aggregator puts money into Protocol A, which then borrows from B, B then does market making with C, and if any layer has a bug or risk control issues, it's not just "earning a little less," but directly getting stuck/discounted/liquidated in front of you. Not to mention some also conveniently eat your slippage, change routes, or even cross chains with bridge risks—anyway, it's hard to pinpoint who exactly should take the blame.

Recently, modularization and the DA layer have developers excited, but users look confused. I think it’s quite similar: the more advanced the narrative, the more responsibility gets dispersed. Anyway, before I look at APY, I first check where the contract permissions are and where the funds went, or else I get nervous when TVL drops again. Let’s leave it at that; being cautious is really not shameful.